I have the same holding in my long portfolio, but have been capitalising the losses for this financial year, my new average is mid 60s.
I have bought a short term trading position and plan to double it if 46 or under get a test.
It will be interesting if we get to 46 (double bottom) will it bounce or sag lower.
People dreading the quarterly, but my late mail is expect improvement, but also be aware that the operation was impacted by the strike, the firing, the re-employment of workforce. December quarter produced 5,495oz, we should have improvement but to what degree?
JIC performing very well, really hitting their straps.
As per the last operation update, the goals stated are being achieved.
The key statement form that update for me is "At this point JIC expect to achieve the design 60,000 tonnes per month of production by June 2011".
Again if the mail is correct that things are back on track, then 60,000 tonnes at 3.3g/t at 85% recovery would produce 5,940oz per month, so June Quarter (the next quarter) would produce approx 17,800oz.
Hence the importance of waiting for the March quarterly for confirmation that things are really back on track. So for the sake of certainty another two weeks is no big deal.
PLA Price at posting:
47.5¢ Sentiment: Hold Disclosure: Held
