Im not surprised that AVB only drilled 250m so far. The previous announcement was on the 24/11/10. That means 51 days ago. For example, most mines where I work in WA shut down over the Xmas for about 2 to 3 weeks (14 to 21 days). Some workers take advantage by having extended leave prior or after Xmas. So it can range from 21 to 28 days of unproductivity.
I actually went on leave from the 6 Dec 2010 to 4 Jan 2011 and I wasn't alone doing this.
Not to mention organising and setting up a rig from the start doesn't take overnight, so you can add a few more days of non drilling days. Even when they do drill, they might have encountered mechanical problems. Parts may have to come from overseas. So add more unproductive drilling days.
Brazil have had lots of rainfall. I heard on TV that this El Nina? affected QLD. It also affected the Panama Canal in December and the Northern part of South America. They had to shut down the Panama canal for the first time ever due to heavy rains. The only news from todays announcement is; they started drilling for copper... yippee and they have permission to drill for Iron Ore. W got 49,750m of drilling to go. Be patient.
AVB Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
