Ann: GRR - Quarterly Report for 3 months ended 30 June 2017, page-13

Think, Auto et al

I genuinely value the diversity of views expressed on some of the threads on HC (Auto no need from my perspective to stop contributing to this one) but that doesn't mean we shouldn't call people out when we feel inclined to do so. Generally I let the comments go but sometimes I can't help but get drawn in.

Think, I agree that the lateness of the update on 6 June is a concern but I don't know enough about the geology to know whether or not it was reasonable (although I do agree that GRR's reporting is generally sub-standard). I do find it interesting however that you would comment that the 6 June is "a little over 6 weeks ago" when it is 7 weeks to the day. That might sound pedantic but for me it reveals something about your personal biases.

As for the capacity commentary, my understanding is that nameplate is 2.9 mtpa but they have only ever achieved 2.3-2.5 mtpa. If we assume the 400-500k reduction brings the annual target to around 2m, that leaves 1.3m to produce over the last two quarters. That seems like a stretch given they are not yet operating at close to full capacity. Not impossible but unlikely in my view.

Not much else in there that concerns me. I think it frustrating that things in the real world, like capex projects, take much longer than investors would like. The effect can be amplified in a single mine stock like GRR where there is not much else going on. I can't see any short-term catalysts for a price spike so you might be better off watching grass grow instead. GRR is one for the patient.