Just for clarification for those wanting to understand my main...

Just for clarification for those wanting to understand my main point for themselves without the misdirection above.

From P.2 of the 'FY18 Production and FY19 Guidance' announcement  dated 12 July 2018 :-

"Gold production from Syama in FY19 is expected to be 230,000oz of which 94,000oz will be generated from oxide operations and 136,000 oz from sulphide operations."


Gold production YTD for the sulphide circuit as per the Qtlies:  Q1 15,702 + Q2 21,554 = 37,256

The maximum production level of 200k tonnes per month at 2.7g/t and 85% recovery will deliver at most 44kozs per Qtr. So if we were CURRENTLY at FULL CAPACITY and maintained that level for the remainder of the year a further 88k tonnes would be the maximum possible production.

Add the 88kozs to the the YTD produced of 37kozs = TOTAL of 125kozs

This is 11kozs below the stated RSG plan for the year and ONLY when full capacity is assumed for the rest of the year. The shortfall will obviously be far above 11kozs.

I think it is reasonable to describe such a shortfall as a shock. Costs will still be higher due to the ramp up but the corresponding revenue will be later to arrive. The oxide may off-set this, but this needs to analysed and properly understood.