Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Michael Masterman, Chairman of W Resources, commented: "Q3 2021 was our best performing quarter to date and we expect to see this growth continue as we head towards the end of the year. Notwithstanding a number of challenges towards the end of the quarter, the result is testament to the management team at the La Parrilla mine which reacted quickly to minimise any disruption.
"In September, the Extremadura region of Spain, where the La Parrilla mine is located, experienced torrential rain fall for a period of time. Although the mine continued to work, production did slow due to the wet feed being fed into the plant. The team at La Parrilla is looking to introduce a silo to hold a minimum of one weeks' supply of dry stock which should negate the problems caused by similar flash flooding.
"Work at the mine has continued with new staff recruited and the introduction of a 24 / 7 operation seeing activities increase throughout the mine. In Q3 2021, work commenced on the second water dam which we expect will be completed in November 2021 and will serve to protect the mine from further water issues.
"Work continues apace and the La Parrilla team has a clear focus on increasing production and efficiencies as the reality of continuous production becomes the norm."
192.4t . Combined
Associated maintenance issues and supply chain bottlenecks for replacement parts have led to lower plant availability and as a result W Resources has adjusted its full year production guidance to between 650t and 750t of concentrate.
The Company expects Q4 2021 production to be greater than Q3 2021 production. However, production volumes will not reach the T2 run rate until Q1 2022.
BB2
At least the mine is EBITDA positive now
And ONCE again, that makes me the winner of the guessing competition. Getinthere ignored my guess cos he doesn't like me, but here is the post he ignored
goingunderground
A VERY optimistic 191 tonnes combined (W+Sn) which represents a very lowly 25% of the stated FID output of 775 tonnes combined.
Posted in: WRES
Posts: 1,258
Strong Sell
25 Aug 2021 15:01
RE: Q3 production guesses
Assuming 7 day production starts in September"
Where do I collect my prize ?
There always a hiccup that scuppers the performance.
Flooding before. Now power supply and maintenance parts.
Eventually we will run out of problems and the plant will fly.
Didn’t MM say in last interview we are now at design capacity. Don’t think so Michael.
The months of August and September were both EBITDA positive for W's operating subsidiary Iberian Resources Spain ("IRS") and the Company firmly expects Q4 2021 to be EBITDA positive as well for IRS with the mine at La Parrilla increasing production as the quarter progresses.
Golfpro
I don’t think that he said we were at design capacity mate, that would have meant 225 tons a month, as I recall he said that he expects us to exceed design capacity in the future.
Hiccups do occur and it is very disappointing, however we are still moving forward albeit a little slower than any of us would like.
"W Resources has adjusted its full year production guidance to between 650t and 750t of concentrate."
Thats a downward adjustment BTW .
WRES have also failed Getintheres "Good" test "In my view 245 tons would be good for Q3 but as you can see from my guesstimate I’m hoping for 265 tons"
He said when talking about the current period we will hit above design capacity. More billy bull****..we’ve now downgraded are yearly target.
So September s production was less than August’s even with increased hours. Not what I had hoped for but when I think of WOLFE I’m glad that we are now ABITA positive!
Unbelievably bad production for the quarter, this company lurches from one crisis to the next with Masterman once again deliberately misleading the market with statements he made in an interview, regarding reaching production forecast for the year, share price deserves to be below 5p IMO.
I’ve just added another one to my filter list I wonder if anyone can guess who.
https://m.youtube.com/watch?v=iDgG18Dnj2I
30 seconds in….
Wasp
We could do with abita positivity on this board mate ;-)
Keep adding to your filter list my friend. The reality is this is not a good rns and is not what masterman had led us to expect (yet again). Reality check. He is still not delivering on his promises.
So a very rough guess on my part puts September total production at about 47 tonnes!!! Despite the company going to a 7 day working week production went significantly backwards in September, a pathetic result, defend that fan club as you have once again had you credibility severely dented, next up, more dilution to keep the lights on.
I imagine there are a lot of holders deaply in the red here and are desperate to hear quick increases in production and no challenges to deal with
However this is the mining industry I've been in rmm for some time and challenging issues are a norm there and seem to be across all mining companies (apart from dreaming explorers)
From scanning the rns it seems we are ebita positive and grades are getting better that's what I take from it but I bought in around 7 after going in and out to take advantage of polx drop
"Above design capacity"
Maybe its a meccano set they use ?
Above 7p!!! Oh how we laughed….or rather cried when we checked to see our losses again.
Golfpro
Listen carefully because what he actually says is “I think we are going to hit above design capacity for the plant” going too, is in the future tense, as I said he did not say we have hit above design capacity mate, you have misunderstood
Yes you are right. Misleading though. Not clear. Not precise. Not a very good ceo.