I agree this is negative news. For investors with a short term...

I agree this is negative news. For investors with a short term horizon this could be the reason to change to other, more promising miners. But with investing sometimes these things happens. Will it change the longer term? If they can finish all the works in the summer of this year then the production guidance for the FY17/18 will be important. If they deliver on their promises that production will increase with in increased capacity I don't see what has really changed for the coming years. At least they have told us that we have to be prepared for a lower year of production. At the moment they have a production of some 38.000 OZ. They expect some 90.000 OZ for the whole year, so slightly more than 50.000 OZ to go for the coming 2 quarters. I would have seen all the works on schedule but this is not the end of the world if they can finish it in the summer this year. Because of all the uncertainties surrounding MMLfor the last year or two you can have a discussion of delay's like this is already priced in if you have a time horizon of more than a few weeks.