Looking at the Qtly it says total production at Macy is 725,000t which is 8% above schedule. If we look at the production chart we should be at M6 on dirt moved. I think the Zinc and Lead concentrate is lagging but will start to flow threw anytime now with increased shipments.
Also to note is that it is predicted that Q2 will be strong for the Zinc price which should help bring SL1 back to $20m profit.
Zinc price currently $2712
Lead price currently $2062
Aussie $71cents
"The zinc market is set to tighten seasonally during Q2 2019, providing an opportunity for producers to sell in to temporary tightness since our base case expects the market will loosen in H2," analysts at Citi argued.
"Trackable zinc stocks are already very low and the seasonal demand pick up in Q2 has the potential to almost wipe out exchange stocks. The balance met from off market stocks will set the extent of the tightness and duration of the rally. We still see evidence of stocks still held off-market in Europe/USA but by strong hands."
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