IMO IGR will not have a go at buying another goldie until it proves itself profitable and accrues serious cash. By the direction of the SP it is more likely to be bought out by someone like NCM, particuluarly if it hits a bit more copper.
At present the company has a credibility problem with production forecast for the June qtr being 22500 ozs on the 27/04/12 (Mar qtr report) and now 6 weeks later this forecast being downgraded to 16000 ozs ( production report 05/06/12 ) ; that's a 29% drop in forecast over 6 weeks. This type of guesstimating makes the market nervious and challenges the credibility of the FY13 100K forecast.
The increase in production costs from $616/oz to $850 oz for 2013 does not help either even though an explanation is given re accounting for the stockpile.
With kind regards Moorookamick
IGR Price at posting:
40.5¢ Sentiment: Hold Disclosure: Not Held
