I emailed the new CEO and asked him if the report included both underground and open pit operation and how long will current cash in hand sustain BTR, he replied with the following.
1. The resources and reserve data published by Glencore Xstrata and referenced in our market release on 14th February refers to the full site. As we have said we will now review this in detail, that should not be taken to mean that we believe the work by Glencore is wrong. We need to understand it, look for opportunity where we can and be able to explain the change.
2. Blackthorn's planning is not reliant on cash from Perkoa. Even before the revised business plan developed by Glencore Xstrata, it was always going to be some considerable time before the project debt was paid and cash came back to BTR.
The Perkoa issues will not influence our plans for the Kitumba Copper project. We are reluctant to put a date on how long our cash can last, as that will be determined by decisions we take regarding exploration and the flow on effects of our decisions around the Perkoa investment.
We can go to a very minimal cash spend if that is required and survive for a relatively long time, however, we are not here to just survive.
BTR Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
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