Bottom here?, page-634

I don't think it is a point of being right or wrong
The companies reports are wrong
If Miningnut is correct
They have found a way of covering up
the missed guidance
If they put up 300k at $1280 full year 2019
I will take it that producing 129k oz in the 6 months
has MISSED GUIDANCE
Of course some will be in denial.

Costs have continued to soar
Debt has blown out
The company says on time on budget.
I would love to see a budget that sets out
The entire spend on the underground.
If I had seen one I would not have held as long as I did

It has all been deceptive to me.
as there was no costing plan from the start
I don't think anybody expected $178 million debt
when they had $290 million cash prior to starting on the underground
what really erks me is this in line with companies expectations crap.

The following suggests to me that December quarter
I should expect an improvement from the sulphide plant
certainly it doesn't suggest the worst full quarter for years.
After reading this everybody should be shocked be the poor performance.


With the completion of the final tie in of the P85 project during the recent roaster shut, immediate improvements in recovery have been seen during periods when underground ore has been processed. Recoveries for this material has achieved results over 85% during periods of the initial commissioning period. Further circuit optimisation combined with increasing proportions of underground mill feed are expected to result in a consistent improvement in recovery. This work will deliver the targeted P85 recovery of greater than 85% once the circuit is exclusively fed from steady state underground ore.

The sulphide circuit will continue to rely on stockpiled ore during the current quarter. However, an increasing proportion of underground mill feed, and 100% availability of the roaster, is expected to result in improving grade and associated recovery for the sulphide plant. This improvement is expected to be incremental quarter on quarter as the Syama Underground Mine ramps up to steady state by the end of the current financial year.

This underground development and stoping ore, and small quantities of stockpiled sulphide ore mined as part of previous satellite open pit oxide operations, will continue to augment and displace lower grade ore stockpiles as the circuit feed source during the development phase of the Syama Underground Mine. Following the ramp up period the underground mine will become the sole ore feed for the sulphide processing circuit.

Cheers