What surprised me most by GMs quarterly report for CXO was his FORECAST for production 2024 & 2025 which did not take into any consideration of the future WEATHER forecast.
EVERYONE knows the unusually wet WEATHER impacted access to the Grants Open Pit for months but this was an extreme event not typical for the NT.
The Southern hemisphere which last time I checked includes Australia, is days away from entering the El Niño weather pattern and if the last patterns are any proof we can expect 18 months of DRY skies, NO rain and therefore nowhere near the disruption to mining at Finniss observed the past 12 months!
WHY even bother forecasting production when GM takes into consideration PAST above average rainfall from La Niña but not FUTURE El Niño dry FORECAST about to smack you in the face?
One of the dumbest (or deliberately negative) production forecast reports from any CEO in all my 30 years experience AND he must of known the impact given the short positions!!!
CXO Price at posting:
58.0¢ Sentiment: Buy Disclosure: Held
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