The bloody DRC govt has really stuffed things. This sham of a review has gone on for far too long. If this review had been released earlier, we would have had debt finance in place. We wouldn't have needed to suspend construction on Kinsevere Stage II. We wouldn't have needed to curtail all but essential capital spending.
Looking at the accounts and listening to Craig Munro, it seems they have choosen to write down most one-off losses and adjustments in Q3. We should know within a few weeks some guidence for 2009.
All miners are now having to reassess thir operations in light of these low copper prices. At least management are confident we will be able to operate profitability in this environment.
But there will be no joy in the share price until the govt releases the review. It will be a slow climb back. I once bought a lot of shares at these prices during the war when we had no mines, or resources. A lot has changed. I will be taking advantage of this current situation again.
KKR
The bloody DRC govt has really stuffed things. This sham of a...
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