Have been watching this one for a while, and was considering...

Have been watching this one for a while, and was considering buying in at these prices, especially after today's announcement. A big part of my intention to buy in was that I was expecting the last cash raising to be the last (largely based on Ord Minnett's 17 September company review that suggested that CCU would be cash-flow positive by November 2012).

Although today's announcement says they expect to make enough silver to deliver to the hedge (70-75kOz; note that this is down from 100kOz in October) the question is what will be the cash flow (and thus will there need to be another cap raising).

Last quarterly says $12.7m at end of September, and today's announcement says $15.7m at end of October (+$3.0m). Interestingly, Ord Minnett 17 September predicted the October production, but did not consider this as sufficient for CCU to become cash-flow positive (this had to wait for November, where they predicted 155kOz Ag production)

Any views on what will happens to cash flow, and the likelihood of another cap raising?