GJ, I agree with your comments. The trading halt was a...

GJ,

I agree with your comments. The trading halt was a conservative overreaction and the suspension very excessive.

When the incident first occurred it wasn't clear the slip had stabilised so the initial halt was quite justifiable. However, once it had settled they should have just announced and let the market deal with it in my opinion.

The big issue to remember is the memory of the tailings dam failure and huge fear this created for investors. Even though the two issues are dramatically different the potential catastrophic risk of both have similarities so the pit wall created a reaction from investors "to get out at any price."

Even from my perspective being knowledgeable and informed, it was impossible to dismiss the worst case scenario - all I could do was handicap it as a very low probability event.

So the fear is only just abating now, but we still have the issue of the wet season and the impact on mining rates and wall stability.

I actually believe they will do well through the wet and that mining performance will be better than they think internally. It would also be nice to see some serious cash generation through the current quarter to bolster our war chest.

Time will tell but their internal models will be based on grade and tonnes which are being outperfomed in practice by a big margin - this helps a lot.

Time will tell, I suspect they believe internally they will be close to running short of cash if things are tough, but in practice it might be significantly better.

We will see in the next few months in any case, but once we get into Q1 2016, strip ratio ought to start declining and some serious cash should begin to flow.