So what do we know?1. Upgrade commissioning delayed till Aug....

So what do we know?
1. Upgrade commissioning delayed till Aug. This has implied...
2. A reduction in guidance for H1 2014 Fin Year

3. June Qtr production has been impacted by narrower veins of Gold bearing ore than were expected. This has meant ...
4. Reduced production for June qtr and ...
5. Cash flow problems necessitating getting an overdraft.

Due to 1 to 5 above MML has
6. Reduced exploration expenditure by 50% to $12m and
7. Halted work on Banan (saving $220m in capex) BUT reducing growth by 200,000oz pa. MML is now considering ...
8. Mining the high grade Banan Ore and processing at Co-O, thereby getting some benefit from Banan.

What do we not know?
1. The C1 cash cost for June and FY14. Until these are known, a revised model cannot be created to determine whether the sp is fair value, over stated or under stated.

HT1