The June quarterly will possibly be the worst one to date. I...

The June quarterly will possibly be the worst one to date.  I expect they will have processed mainly low grade stockpiles, which would very low gold production and high costs.

But it is possible the current quarter could be even worse if they can not access the right ore for the plant's configuration.  We have no idea when the plant upgrade will be completed and fully operational.   They need to explain in the quarterly how this issue is/will be addressed.

I have been saying for several years that MACA was failing to move the tonnage needed to keep the mill operational while processing the average grade contained in the ore reserves, and now finally action has been taken at tremendous cost to shareholders.  Except for a few quarter, most of the ore milled has been well below the average grade in the reserves, thereby blowing out AISC and ensuring that there was little or no surplus funds.

Good to see Simon go and at least one other director.

All too little and too late?

I have no confidence is a turnaround of BDR operations without a lot more money being sucked in, and then you have to think about the level of debt and shareholder dilution.

Keeping in mind that the USD POG is not heading in the right direction (although it may bounce a bit in the next two months) BDR is basically just a gamblers play.  I sold out again a few weeks ago for a small loss, and that decision has been vindicated.  I will reconsider my position in November/December when the USD POG ususally bottoms and does a major bounce (hopefully this pattern will repeat).

I wonder what the Atom will do for a heart-to-heart chat now that Simon is no longer available to blow smoke into his ears.  I wonder if Nicole will prove to be a suitable substitute from frosty Canada in delivering her intimate spiel about BDR's operations to Atom so that he can provide some re-assurance for the fellow Hotcopper bus travellers.

GLA.

loki (do not stay on the bus as it careers uncontrollably downhill.)

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