John Welborn's view on the company's capital structure is that...

John Welborn's view on the company's capital structure is that their leverage is relatively low and debt is still quite low cost. He sees the use of debt right now is responsible. The gold-in-circuit will be drawn down at a later stage given the low sub-80% recovery rate. The current GIC comprises concentrates with high grades as much as 30-40g/t so that is why it still retains a high balance compared to othe gold mining companies. Thus, the alternative source of capital would instead be debt.

He says that another $50m further capital expenditure going forward, with 70-80% on Syama and the remaining on Ravenswood. That is what I gathered, though I hope all of you will go to Open Briefing and hear the call for yourself. It lasted around 35mins.