Hi guys, the following Table presents the operational costs of...

Hi guys, the following Table presents the operational costs of production per quarter (not including administrative (1.5M$) and other equipment/land costs (2M$)) VS booked revenue VS Total production.

Average Production per quarter in 2017 : 18,123 tonnes
Average Production per quarter in 2018 : 17,861 tonnes 

We produced on average per quarter MORE TONNES in 2017 VS 2018 !!! Despite the touted benefits of the plant upgrades !!! That is CRAZY....

Average Costs of production per quarter in 2017 : 11.2 M$
Average costs of production per quarter in 2018 : 14.3 M$ 

We produced more tonnes of mineral sands in 2017 VS 2018 at significantly lower costs !!! that is EVEN CRAZIER...

Despite lower production in 2018, our revenue per quarter did improve (thanks to higher mineral sands prices) :

Average booked revenue per quarter in 2017 : 10.4M$
Average booked revenue per quarter in 2018 : 13.8M$

Conclusion : If we had kept our costs during 2018 at the same level registered in 2017 (11.2M$), thanks to improved revenue due to higher mineral sands prices (13.8M$) we would have already achieved PROFITABLE operations (positive gross margin of 2.6M$) !!!

So my message to the new MZI management : control/limit/reduce your quarterly operational costs, bring them down to the 2017 levels and you will achieve operational profitability, you dont even need to spend more capex to upgrade the plant or to improve recovery rates.

Hope the message is clear. Good luck to all.

	Quarter	Final Production (tonnes)	Costs of Production (000 $)	Booked Revenue (000 $)
1	Q4 2015	5,886	NA	NA
2	Q1 2016	16,180	1,843	6,300
3	Q2 2016	10,826	9,909	11,400
4	Q3 2016	13,378	9,865	6,800
5	Q4 2016	15,636	11,332	7,000
6	Q1 2017	20,850	8,294	9,000
7	Q2 2017	12,391	13,446	13,500
8	Q3 2017	21,976	11,689	9,400
9	Q4 2017	17,275	11,232	9,800
10	Q1 2018	17,432	12,111	11,500
11	Q2 2018	17,998	14,543	11,900
12	Q3 2018	18,152	16,201	18,100