What makes you think the cash drain will go on forever?
They bought ACM for $50m reinvested another $25m and lost $20m or so. That operation has been turned around and is marginally profitable (although I think some services charged to WGX at cost). So we have gone from severe bleeding to a small contribution to profitability.
The other 3 gold centres are reducing AISC significantly. The highest AISC gold centre has been sold.
The key to hitting 350k a year in production (and their flagship mine) is Big Bell which should hit full production in December.
It's a hard share to follow because they have started so many mines / plants but it would appear the heavy lifting has been (or close to) and with AUD gold very high we are close to capitalising.
Looks like a good turnaround story to me.
Ann: Westgold to Sell Higginsville Gold Operations to RNC, page-10
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