Just had a look at Emperor mines' quarterly released today. They quoted a total production cost of [b]$658[/b] per ounce.
Now, I'm no Geo or mining engineer, but would this possibly indicate that the scoping study done a few years ago cannot be relied on anymore?
I know fuel costs are the single most important factor in determining production costs so the scoping study figure would most definitely have to be revised up.
The question is: is the Tuvatu project still profitable in today's environment, what with contractors demanding huge increases, fuel costs rising, etc? Tuvatu and the Emperor gold mine are, being in close proximity, I assume similar in nature - so the $650/oz figure quoted today would certainly be a bit unsettling.
Dropped an email to the co. secretary yesterday, apparently the discussions with the prospective underwriter for the impending raising are approaching the final stages. So I'd expect them to be able to comfortably make it before the 31st May deadline.
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