A good result. It's always difficult to interpret some aspects of HGO results ans cash flow in particular. I think the best measure is the reduction in liabilities ($14.3m) and increase in inventories ($13.8m) which is effectively the cash generated of $28.1m. The second half should see production of 11,236-13,236 tonnes of copper and at the mid-point this will increase cash generation improve to over $40m. The future is positive.
Ann: Results for Half Year Ended 30 June 2018, page-3
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