Your mention of Calidus Resources ties in with RR’s chat- non refractory gold operations can fail. I have not followed the Calidus story but had a brief look out of interest:
- low grades.
- painfully slow ramp up.
-out of the money hedging
This compares to RXL having:
- high grades.
- access to a significantly higher gold prices than those companies that hedged more than a year ago.
- realistically, very high operating margins will be earned on the high grades processed.
- realistically, lower capex commitments than alternative companies meaning faster debt repayment ability.
Refractory Gold, page-10
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