I did a quick tally from first pour in December 2008 until end December 2012. Production figures FY 2009 (50koz), 2010 (68koz), 2011 (66koz) 2012 (42koz) half year to Dec (~20koz) for ~246koz Au produced.
If the $350 million raised had made that gold and given it to needy children/random strangers it would work out to $1422 per oz Au.
Now thats not a stupid number for a high cost/old mine etc given whats coming out of a lot of other operations...................... oh thats right, thats the money raised to cover the short fall from revenue (stupid me - lucky I am not writing the business plan for this company!) oh, in thats case if we assume a realised price of A$1400 for arguments sake over the past 4 years then the real cost is the two added together.... more like $2840 per ounce. I know capital went into other things, but as an application of shareholders funds I wanted to keep it simple.
Would not have put money on the fact that you could keep a gold mine running for 4 years at a cost of production average twice what you sell it for. Drug cartels do that to launder money!
Bye Bye AXM
AXM Price at posting:
4.0¢ Sentiment: None Disclosure: Not Held
