At these prices they have under $US30 to mine, process, transport, treat. And pay the interest!
That’s why the new facility has a condition precedent of increasing recoveries before it can be drawn down. Because if it was drawn down and recoveries don’t improve it will never be paid back.
All they’ve done is replace cheaper NAB debt with more expensive debt and most likely because the project is not playing as represented to NAB. Otherwise why would you do it?
NCZ Price at posting:
84.8¢ Sentiment: Sell Disclosure: Not Held
