They actually ran the mine very efficiently after they bought it in 2018. Look at the table below --
Sales volume from 2018 rose from 4.8 mt to 6.55mt in 2019 and then 6.0 mt in 2020 -- they ran the mine hard, but then they could not sustain it. COGS (ex-royalty) in 2018 was $72/t -- this went down to $45/t in 2019 and $52/t in 2020 -- so they will here too. Also a function of higher volumes. But then, costs just sky rocketed (inflation is one reason, but you can see they simply couldnt manage costs) from there.
So IMO -- they did well to run the asset hard post acquisition --- credit where due. But then lost track there -- I dont think its due to mis management, because they showed they can manage it well. Probably the intrinsic mine quality issues surfaced eventually -- something which might be structural.
YAL Price at posting:
$6.20 Sentiment: Hold Disclosure: Held
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