It's always hard to extrapolate past results for HGO into the future but I can see about $50m of cash generation in 2019 (after spending $4.5m on capex and exploration) based on :
14,000 tonnes Cu at $A9000/2500oz Au at $US1300 less 10% treatment and refining : Revenue of $117.5m
30.086m lb Cu at $US1.50 (see page 23-excludes adjustments so closer to C1): Costs of $63m
Capex and exploration $4.5m
Cash generation $50m
However with most of this in the second half after cessation of mining the halves split could be about $12m/$38m.
That would only allow for a 2c dividend before June 30.
However I like the sound of other potential mining areas and I think this plant will run a lot longer than 2020.
Anything from PHES is a bonus.
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