Originally posted by colinchi
Another shocker.
Net debt increased another $44million.
Even with 74k oz produced.
I think Ravenswood should be placed on care
And maintenance until there is cash to upgrade as it is costing money now.
130k oz in the first half
I cannot see how 170k can be produced
in the 2nd half so guidance will be missed
Cheers
Col,
Why was net debt going up by $44m a "shocker"? I was surprised it wasn't a lot more. Resolute is building mines and so should be expected to be investing cash into the business.
On your logic re Ravenswood every developing mine in the world should immediately be closed down. It is somehow mindless to invest in future production or build a mine (which requires capital investment). What is your assessment of the cost of Care and Maintenance at Ravenswood? What would be the restart cost in due course? Personally I think your suggestion of C&M is absurd and demonstrates that you have lost perspective. Both Syama and Ravenswood (and Bibiani) are cash consumptive in current circumstances. The investment in these mines will generate future cashflows and build long life lower cost mines. It is not a magic act: It takes capital investment. Then you generate the returns. I understand it is not for you: So why are you so emotionally involved?
I sense a personal ax is being grinded. You obviously see things negatively. You will be happy if RSG fails totally. What will you do if resolute is a success? There are a range of support services available. Beyond Blue for example. Please do not wait to long to get the help you need.
If your advice was taken Resolute should stop spending any money and close down all its mines and do what? Bitcoin trade?
You are changing your tune and sounding more and more foolish.
You said guidance would be missed this quarter. It wasn't. You say they will not get 170koz in second half. They will. You said they do not have a budget for Syama Underground. They do.
I enjoy your posts. It makes me wonder with each downward spiral of irrationality how your history with Resolute has scarred you, what pain is so motivating for you to death ride.
I think the fun will continue. Unfortunately your pain will increase.
Please look after yourself.
J9
(20min delay)
