I think I can recall he was asked this question in a previous conference call and said they only had to spend another $50m to complete Syama underground. I think they would have spent that amount in $AUD during the last quarter, and JW probably thinks that no body remembers that he has used the same figure 3 or 6 months ago.
The Syama farce continues. Dangle a carrot in front of the market of very low AISC, while in the meantime taking the company into dangerous waters from which it could cost shareholders an arm and a leg to extract value.
The oxide circuit production (and hence operating profits) will be less in future years as grade reverts to the reserve average of around 2-5 grams/tonne and there is about 3-4 years mine life left with the current reserves.
I feel a bit like that kid in the commercial being driven around and asking "are we there yet"? The end point keeps moving around.
But its all good from Jayneen's and Esh's point of view - its just a scratch to quickly heal over and be forgotten.
I am surprised how quiet this thread is today. Are people on holiday or have they just decided to stop worrying about the operational issues, now at both Syama underground and Ravenswood.
While the questions on the CC were good, they did not dig deep enough into the issues of Syama underground and how the turnaround will be effected. What is plan B if this automation system does not work out in six months time? A CR at 60 cents?
Interesting discussion about what constitutes commercial production for Syama underground. I am not sure if I got the answer down. Is it mining at 80% of the designated 200k tonnes per month rate, ie 160k tonnes, and hopefully with all the tonnes actually being delivered to the mill and not have about 40% left underground as happened last quarter!
I wonder if BrianChu was deliberately cut off so he could not ask any questions. The loss of the call seemed a bit odd. Perhaps he heard his boss coming along and decided to get off the call in case he asked him about his work activities. All sort of reasons out there - perhaps Brian will clarify in the fullness of time.
One thing is clear from the CC, and that is that Ravenswood is in deep dodo due to capital constraints and JW wants a solution so he can sleep better - he has been looking rather ragged lately judging by the videos. I can feel a CR on the LSE coming due to "strong investor demand" with some of that money going towards "an ungraded LOM plan for Ravenswood with earlier payback for shareholders".
I encourage all to listed to the conference call
http://www.openbriefing.com/OB/3320.aspx
If people have access to what the broker analysts say about this report and their revised target share price, I would appreciate if the information was shared here. Some downward share price pressure has started but this could be mostly related to goldies in general, rather than stemming from advice from brokers, who will mostly update the market in a day or two.
loki
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