the grade, page-3

I second that NWL. Dr posts look forward, not backward. The problem with the operation so far is that it has always been undercapitalise and keep running out of cash. Considering the enormity of the project (draining a lake, building a processing plant in a foreign country, cleaning up twenty years of sediment, reshaping an existing open cut mine, all in one of the wettest places on the planet) Reds risk profiling to bankroll the project was way off the mark. They kicked off the project just before the mother of all wet seasons, which in hindsight was foolhardy considering the amount of rain that was recorded. Should have waited a few months until after the wet season. They were always playing catch up (silt problems, water issues, power problems, ore processing issues, contractor issues) to get gold on the deck and establish a cash flow. It only took one incident, seemingly easy to fix quickly at the time, to bring the whole project undone. Murphys law prevailed and they ran of cash.
Second time around with the benefit of hindsight and the experience of the original startup, and more capital , things are looking good. For the first time in the life of the project this quarter should produce a positive cash flow. As the story goes, cash is king. Without it you are a shot duck. Dr says, the oncoming wet season will be the tell tail. I agree. If they manage this well then Siana mine will be a wealth winner for investors. I am buoyed by the way they are managing the slip. Gold production not missing a beat so far.