Alarming though the whole CBA thing is, more so IMO is the trade...

Alarming though the whole CBA thing is, more so IMO is the trade payables of $12m. A CR of $8m doesn't even cover that, esp. after $2.6m goes to CBA ..... although really who, apart from Magna, would be making charity payments to CCU?

Inventory only includes about $400k of silver as finished goods (June 30th value of $161k + another 12k oz into finished goods at 31/12/13) so the balance of inventories of $5.2m are ore on the stockpiles or chemicals and other production stocks - not easily realisable for cash.

I fear $4 is correct. And concur with his sentiment. :-(