The full year accounts reported on 30/9 set out the key stuff thats needed in this debate.
Page 38 states that there is $42m of commitment outstanding as at June 30th. When you look at the table in note 27 to see what these items are, its obvious that they are all items that have been close to completion and are likely to be completed in Q1 if the end of December date was to be met. That always suggested that the $42m would need to be paid soon after June 30th 2014.
By July 31st the US$45m drawdown had taken place to provide A$48m. Now you only draw down a loan when there is something that you need to pay. This suggests that most of that $42m commitment was paid through that drawdown.
Page 38 of that report also said that another $39m of capital was needed to be spent to complete the plant on top of that $42m. Again, to meet the deadline, some of that would have been spent during the quarter just finished.
On top of that, the company has to spend money on the normal day to day admin costs as well as the mining operation which moves some 30,000 tonnes of ore and waste a day.
I would suggest that the cash out for the quarter just ended will be a lot more than the number you are quoting based on all of the above.
Please check each past quarter estimate compared to actual spend to see how accurate that number has been over the years.
CDU Price at posting:
$1.36 Sentiment: Sell Disclosure: Not Held
