For year 2012 through put for mill was 789000 tons producing...

For year 2012 through put for mill was 789000 tons producing 12200 tons copper income $59mil.Gold was 17300oz income $28 mil. Since then gold and copper price is down 20% and 11% respectivley. Through put for this year is 1.5 mil tons . so basically they copper and gold tonnage will double.
Iva keeps on spruiking that copper cash cost are $2 lb current copper price is $3.13 lb . Could not find IVAs gold production cost . But their total operation cost is under roughly $100 mil. Just doing the maths it is simple to see that IVA will be doing a decent cash surplus from mining operations for this year .

Given the chance the directors will go for a CR again. we all know they want $380 mil for Merlin development,

I think the market are fed up with the past CRs and have shorted the stock so there is no chance of another CR with the current low market capitalisation .

Iva will just have to battern down the hatches for the next couple of years and concentrate on production and when is has generated decent surplus funds it can then go invest it in Merlin .