IMO, the market is disappointed (or maybe it's just me) that previously forecast FY12 Murchision production has been deferred until FY13. Speaking to Les in October he said it was becoming a challenge to recruit quality employees required for their growth... and there was a comment alluding to this in the quarterly (or maybe somewhere else) that management needed to focus on Mt Monger / Murchison sequentially rather than in parallel. So get Daisy East production humming and complete the Phase1 plant expansion (700 kt hard rock) in order to substantially increase cash flow at Mt Monger... then focus on Murchison, which does seem rather complicated to me - 14 open pits, four underground ore sources for 8-10 yr life.
Rowingboat
SLR Price at posting:
$2.02 Sentiment: LT Buy Disclosure: Held
