Esh There's also another $23M in unsecured loans that need to be...

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worzel1

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02/08/18

14:46

Post #: 34690956
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Originally posted by eshmun ↑

How anyone can think this report is any good is beyond me.

AISC for the June quarter US$1,306.

US$23 million raised during quarter = A$30.48 million (using same exchange rate as noted in report)

Change in cash, bullion and investments
A$25.6 million (as at 31 March 2018 was A$10.7 million) = A$14.9 million

Subtract this from money raised during the quarter =A$15.5 million which is the notional loss for the quarter.

Report says

"Non-sustaining capital expenditure for the quarter was A$11.3 million, which was largely associated with the Tucano Plant Upgrade and mine infrastructure. Non-sustaining exploration expenditure for the quarter was A$1.8 million.

Costs associated with the termination of the MACA mining services contract were A$4.7 million. These costs were in relation to termination fees, demobilisation costs and employee termination costs."

Total here is A$17.8 million, so A$15.5 million of the notional loss can be attributed to these outlays meaning they seem to have generated A$2.3 million in free cash.

BDR still owes MACA $58 million and secured creditor Santander US$15 million = A$19.9 million so total debt of A$77.9 million. The remainder of the Santander debt is payable as follows under the June 2017 amendments to the loan terms.

US$2.5 million in July 2018 and October 2018 and US$5 million repayments due in January 2019 and April 2019

The $58 million owing to MACA is to be repaid as follows

$3 million on 31 March 2019 and then monthly payments of $1.5 million commencing 1 July 2019 until the loan is repaid or 30 June 2022 whichever is the earlier. So after March 2019 they have to pay MACA $18 million per year until the loan is repaid.

The company is telling shareholders that they intend to reduce AISC and improve cash flow by reducing CY2018 guidance by 20,000oz and are ascribing this saving to the Brazilian miners which aren't going to be fully mobilized until early November. The plant upgrade is now in dispute and delayed.

The rats jumping ship is the last sign IMO. This company will be dust before year end IMO. Esh

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Esh

There's also another $23M in unsecured loans that need to be repaid of rolled over in November.......and the $4.7M in termination payment to MACA was rolled up in the loan, so that takes cash flow negative for the quarter.

BDR Price at posting: 5.4¢ Sentiment: None Disclosure: Not Held
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Esh There's also another $23M in unsecured loans that need to be...

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