PYX Resources: Achieving volume and diversification milestones. Watch the video here.
Interesting Cowichan
I know of 3 CEO's of Juniors, departed or about to, down in the southern colony. In the Junior space, the CEO's are at best overpaid salespeople. Their job is to hike the SP, grab the bonus, and bolt for the door at the nearest opportunity, preferably soon after discovery. Its what the industry does not like to talk about, but it causes enormous losses for investors, and credibility for the industry. There was an infamous case of a company in the Congo, had bucket loads of copper in a great discovery, shallow, great grade, whatever could go wrong. Well they just conveniently forgot to see how much of the copper one could get out of the rock. Answer when it was far too late, was not much.
[We see now the gold industry worshipping Crysos technology, which needs a nuclear power station to run it, but lets not worry about that detail. The marvelous technology measures the total amount of gold...not what is extractable....and so on we go, just change the names and the commodity, but ...]
Lets have a look at the roll call of honour for write downs nd impairments of varius flavours..Q: How many CEOS lost their jobs at the top end for these ...?
2013 Canada’s Barrick Gold (NYSE:ABX) which took a $8.7 billion hit this week – bringing its year-to-date total impairments to $13 billion. The largest chunk is related to the Chilean Pascua Lama project, which is responsible for $5.1 billion in impairments.
Again in 2013 announced a $5 to $6 billion write-down. Newcrest Mining (TSX:NM) reassured shareholders that it had wide-ranging spending cuts in mind, including a near 50% reduction in exploration expenses
AngloGold Ashanti (NYSE:AU) $2.6 billion. The company has had serious labour issues in South Africa over the past year with unions demanding major wage increases.
Kinross (NYSE:KGC). The company booked a $2.29 billion non-cash write-down
GoldCorp (NYSE:GG) logged a $1.96 billion charge . The write-down is related to the “value of exploration potential” (LOL) at the company’s Peñasquito mine in Mexico.
Newmont Mining (NYSE:NEM) which took a $1.8 billion impairment charge related to two Australian mines in Boddington and Tanami, and that was in one year ...
https://www.businessnews.com.au/article/Westgold-Ramelius-flag-write-downs
McKinsey listed significant impairments totaling $129 billion in 2011 -2019
https://www.mckinsey.com/industries/metals-and-mining/our-insights/can-the-gold-industry-return-to-the-golden-age
CEY has not been perfect ( esp pre-this CEO) but it has not been in the league of those above, and hopefully will never be.
CEY IS RUNNING VERY WELL NOW, IN WHAT IS A DIFFICULT COUNTRY TO WORK IN.
Enjoy your weekend ...
best
the Gnome
Goldman Sachs ; Group Inc.’s asset-management arm agreed Tuesday to pay US$4 million to settle a regulatory investigation into how it managed mutual funds and other products that pick stocks based on environmental, social and governance (ESG) criteria...yawn
The Securities and Exchange Commission said Goldman marketed the ESG funds and a similar investment strategy without always following a consistent framework spelled out in its compliance plans (the consistency was make a buck?). That meant Goldman violated an SEC compliance rule that requires investment advisers to implement plans designed to prevent potential regulatory violations. Goldman neither admitted nor denied the SEC’s allegations.
The crypto evolution has been so badly managed one wonders whether there was not a conspiracy amongst the "regulators " (all asleep at the wheel or otherwise occupied?) to make the whole affair fail? Why given centuries of regulatory construct could not the regulatory bodies construct a regulatory system to manage what was clearly an investment paradigm out of control, and worth $100's billions?
Another example of the wonderful endeavours of those that should know better, but who do get paid handsomly, to do ... well what exactly do they do, and more importantyl what do they achieve? BA
Importantly to them they get paid well ... and are not accountable ....
There are far better investments ...
the gnome
I assume they must get more right than wrong! Berenberg was established in 1590, and today are one of Europe's leading privately owned banks, focusing on the business divisions Wealth and Asset Management, Investment Banking and Corporate Banking.
Its a real yank ?ank in the US in crypto space. It makes me wonder not what they were thinking of, but whether they have any capacity to think. FTX’s new management is expected to recount events leading up to the cryptocurrency platform’s sudden collapse. Governance? Exchange rules?
Elon Musk says his $44 billion Twitter takeover might result in a bankruptcy filing. But there could be other options.
To make the deal work, Mr. Musk has been trying to add subscription revenue (unsuccesfully) and reassure advertisers about the platform’s future (doubtful). Twitter was losing money before Mr. Musk bought the company, and the deal added a debt burden that requires fresh sources of cash.
It is tough to determine the state of the company. Twitter no longer has to file regular financial reports to the Securities and Exchange Commission (LOL), which are crucial tools for determining a company’s financial health.
Away we go ...
best
the Gnome
As predicted, his hat is in the ring, and the next "evolution" or "revoltion" of the USA begins. Donald Trump has announced he will make another bid for the White House and run in the US presidential elections in 2024. “America’s comeback starts right now,” Trump told supporters at his Florida resort on Tuesday night, US time. His speech included personal digs at President Joe Biden, who may stand (if he is fit to stand? and can still stand up) again for the Democrats. Trump’s team filed paperwork with the Federal Election Commission setting up a committee called “Donald J. Trump for President 2024?.
go gold
the gnome
For those wishing to have another look at the fiat system ...
The financial enigma resolved: A debt laden-money system
The Money Myth Exploded, written in 1936, is one of Louis Even's first articles and it remains, to this day, a favorite to explain how money is created. It is available in several languages: English, French, Spanish, Italian, German, Polish and Portuguese. For those that struggle with the understanding of the system, you can go to
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Chapter 1. Shipwreck survivors
An explosion had blown their ship apart. Each one held on to the first bit of wreckage that came to hand. And when it was over, there were five left, five huddled on a raft which the waves carried along aimlessly. As for the other victims of the disaster, there was no sign of them.
For hours, long hours, their eyes searched the horizon. Would a passing ship see them? Would their make-shift raft find its way to some friendly shore?
Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are taking us!”
And as the shoreline draws nearer, faces brighten up. There are five of them:
Frank, the big and energetic carpenter; it was he who had first cried “Land!”
Paul, a farmer, whom you can see front and left in the picture, kneeling with one hand on the ground, the other gripping the mast of the raft.
Jim, an animal breeder, is the one wearing striped pants, kneeling and gazing in the direction of land.
Harry, a plant specialist, a little plump, is sitting on a trunk salvaged from the wreck.
Tom, a geologist, is the big guy who stands in the back with his hand on the carpenter's shoulder.
There are about another 19 short chapters, very simple writing. Probably 15 -20 minutes read
On the other side
https://famguardian.org/Publications/InThisAgeOfPlenty/plenty.htm
The system we have is flawed, opaque, and favors a small minority
Enjoy!
the gnome ...
For those interested in the role of gold in decarbonisation, please read on.
Gold and climate change: Decarbonising investment portfolios
Key findings
• The findings indicate that holding gold can contribute to
portfolio alignment with climate targets and a Net Zero
scenario. The benefits of gold allocations on a global
multi-asset portfolio (of equities and corporate bonds)
include:
– Reducing the portfolio’s overall carbon footprint
– Increasing portfolio alignment to climate
decarbonisation – Net Zero – pathways
– Reducing the vulnerability of the portfolio to climate
transition risks and shocks, such as the introduction
of a carbon tax
• A range of measures were used to quantify these
impacts, showing a consistent trend.
• We also found that these positive climate impacts
were achieved without adversely affecting the riskreturn profile of the portfolio. In fact, there were strong
indications that an allocation to gold would improve the
performance and risk profile of the portfolio, in addition
to its climate transition benefits.
• While the latter finding needs to be qualified, given
the limited (five-year) time frame of the back-testing
and gold’s relative outperformance during this period,
longer-term testing found that the performance and risk
profile impacts of gold allocations on the portfolio were
similarly favourable, although to a lesser extent.
https://www.sprott.com/media/4496/wgc-gold-and-climate-change-decarbonising-investment-portfolios.pdf
Any comments?
cheers
the gnome
Is this the Marshall Wace you refer to?
https://www.mwam.com/about-us/
Some interesting action in the markets and the "market makers and influencers". Elon Musk is hinting he may have believed his own image one too many times, and his Twitter investment maybe a bit more than he can manage, LOL. Perhaps he is mortal? It might be his "management style" is not as all conquering as what he thinks it is. Love the BBC documentary on him...a hootin tootin $ootin man.
Looks like there might be more investment money looking for a more reputable home (GOLD!), as the crypto world splutters again. Investors began pulling funds from Singapore-based Crypto.com on Monday, questions on the exchange’s handling of a $US400 million ($600 million) transfer, in a sign that the dramatic collapse of FTX.com last week is sparking contagion among more digital asset exchanges. FTX’s offshore status and its willingness to keep American traders off its Bahamas-based exchange (and why would one not do that) in large part shielded the company from strict U.S. laws that govern trading and how investments can be sold to the public (one wonders when the investors are going to wake up to the shonk moves, and we wont mention legislators).
FTX’s implosion last week and reports that it used customer funds to back an affiliate’s risky venture investments have exposed the company and its founder to potential criminal liability?. Again the darling young things thinking they have some sort of divine powers?
The narratives built up around the special powers and superhuman characteristics of some of the market players by the US propaganda press does get a bit tedious? LOL
And to remind everyone of the workings of the press: Tutankhamun's tomb is not inscribed with a curse on those who disturb it. This was a media invention of 20th-century tabloid journalists.
However the Egyptians did have a healthy respect for gold going back a few Millenia, and this continues to this day. "Gold is a good investment at a time when the world is concerned about inflation", Egyptian billionaire Naguib Sawiris recently told CNBC, and this is where his money seems to go. The ancient empire of Egypt, made gold the first official medium of exchange for international trade in about 1500 BC. OLD HABITS DIE HARD?
Sawirus recently created a $1.4b fund to invest in gold abd battery metals. La Mancha’s gold mining assets include a 19.1% stake in Endeavour Mining (TSX, LON: EDV), 33.4% in Golden Star (NYSE, TSX: GSS), and a 35.1% interest in Altus Strategies and another investment in Elemental Royalties [now merged into Elemental Altus Royalties Corp. (ELE on TSX.V)]
happy reading of the press, but please have a few buckets of salt at your side.
go gold!
the gnome.
What is amazing is the strongest Fiat currency is the one loaded with debt, founded in social unrest and polical division and led by the military which has lost every war it has fought in for the last 3 or more decades. The holy US$
If logic has a place int the financial system (no guarantees here of course), the US$ is overpriced, will not remain so as it is no ones interest that it is this strong, and so in all probabilities the most likley out come will be that the value of the dollar will decrease. We are at PEAK DOLLAR. It would follow the price of gold in the US$ terms is likely to increase.
This is the bet I have placed, so lets see...
the gnome
June 2025 gold futures selling at us$1880, and June 2028 us$1990 Gold (NYM $/ozt)
The futures look very rosy for gold, no futures I can see in the WSJ NY market lower than current price.
https://www.wsj.com/market-data/quotes/futures/GC00/contracts
There are some shudders going through the market, with Meta laying off 11,000, Redfin has tied up hundreds of millions of dollars in houses that ‘you yourself wouldn’t want to own right now.’ and as a consequence has laid off 13% of theri staff, and crypto melted down again and may finally be discovering the fundamental flaw of trying to build an alternative to government-backed finance: no government backing.
and of course, Goldman Sachs Group Inc. promoted 80 bankers into its partnership on Wednesday, the biggest class since Chief Executive David Solomon took over in 2018, almost guarantees a salary of $1m +, so happy to see the Goldmans group happy and relaxed! The class battle continues in the USA, and can only see social unrest in the future,
The midterm elections in the US has not quite turned out as predicted, but probably enough in it to coax Trump to run again for President?
A memo for the record was released in USA, on conversations with President Cheney: and VP Bush Ezra Cohen, chair of the board, said the declassification of the historical record was “an important step towards additional public transparency.” https://www.archives.gov/files/declassification/iscap/pdf/2012-163-doc-1-release-material.pdf
Interesting read, for those interested in "history"....some of the first steps toards the invasions of Iraq, Afghanistan, Libya, and the destabilisation of Syria.
You do have to have a sense of humour about things !!!
Article in National Geographic got my attention this morning
It cost a lot to maintain the world’s greatest empire. A new story finds a clue to Rome’s decline can be found in the smallest of its artifacts as well as its majestic walls and columns.
Rome’s coins tell a story of a strapped empire faced with plague, enhanced military spending, and mob riots. Rome had to reduce the amount of silver in those coins it minted to cover expenses. Over the decades, that led to crippling inflation, one factor in its fall (along with invading Goths, corruption, and overreliance on slave labor).
The empire eventually split in two—and was never the same again.
Away we go again. The US Empire is in danger of splitting and ending.
best
the gnome
Of course anyone who is a watcher of the US Military machine, which gives uninvited advice and "assistance' world wide, would realise the big one is coming. Just ask a retired General, or a Military lobbyist, and write it up in the Wall Street Journal, LOL
Russia’s invasion of Ukraine revealed the fading power of America’s military deterrent, a fact that too few of our leaders seem willing to admit in public. So it is encouraging to hear a senior flag officer acknowledge the danger in a way that we hope is the start of a campaign to educate the American public.
“This Ukraine crisis that we’re in right now, this is just the warmup,” Navy Admiral Charles Richard, commander of U.S. Strategic Command, said this week at a conference. “The big one is coming. And it isn’t going to be very long before we’re going to get tested in ways that we haven’t been tested” for “a long time.” (since Vitenam, Libya, Iraq, Afghanistan, hard to know what he is referring to?)
How bad is it? Well, the admiral said, “As I assess our level of deterrence against China, the ship is slowly sinking. It is sinking slowly, but it is sinking, as fundamentally they are putting capability in the field faster than we are.” Sinking slowly is hardly a consolation. As “those curves keep going,” it won’t matter “how good our commanders are, or how good our horses are—we’re not going to have enough of them. And that is a very near-term problem.”
and so on and so forth. heard it all before, the verbs and adjectives change, and of course some of the old generals fall off their perch...
But the song remains the same
the Gnome
GP is always a risk, but fundamentally in times of uncertainty, querulous leadership by central banks, lack of leadership and incompetence by governments, not to mention excessive debt AND climbing interest rates, with real wage pressures to go higher I think the GP will hold and should even increase. You can't print gold at infinitum, and now days it is getting harder to find and more expensive to mine (due to energy costs). And now land access is getting very cloudy, especially in Australia, and about to get very slow and expensive.
One of the most important compensation judgements is being made on some illegal exploration and mining by Fortescue Mining.
The Aboriginal people were enshrined as traditional owners of their land by the High Court in 2020 after a long-running dispute with the mining company.
This year Yindjibarndi Aboriginal Corporation (YAC) asked the Federal Court to make a ruling on compensation after negotiations over a land use agreement failed.
The 2020 decision confirmed YAC, which represents traditional owners, have "exclusive possession" of their country.
This means they can sue for economic and cultural loss as FMG were effectively mining on Yindjibarndi land without permission.
The dispute is centred on FMG's lucrative Solomon Hub, one of many iron ore operations in the mineral-rich region.
YAC told the court it wanted to call about 20 witnesses across 10 days, with sessions to be held on-country near the Solomon Hub and in the town of Roebourne, where most Yindjibarndi people live.
Mr Woodley has previously claimed up to 5,000 sacred sites such as birthplaces and burial grounds could have been damaged by FMG.
He said the on-country hearings would allow Yindjibarndi people to share experiences of cultural loss, which they say were caused by the mine.
"This is a very important time for the Yindjibarndi people and one that we should take with both hands," Mr Woodley said.
The Australian Financial Review reported the compensation claim could reach $500 million, but Mr Woodley would not be drawn on the exact figure his people would seek.
If Twiggy Forrest can make a personal $25b fortune, through what the court has determined as illegal moves, what can a tribe of indigenous people make through legitimate means ... ?
This brings about the possibility of retrospective compensation rulings, and the possibility of very significant compensation.
The risk of exploration and mining in Australia is about to go up!
https://www.abc.net.au/news/2022-11-07/andrew-forrest-vs-traditional-owners-legal-battle/101613690
best
the Gnome...
Already in early 2021, there were reasons to question the prevailing wisdom about the Biden stimulus. Most notably, Harvard economist and former U.S. Treasury Secretary Lawrence Summers began warning that the bill being contemplated could lead to inflation. Although serious inflation had not occurred in decades, Summers had a simple and compelling insight. Throwing trillions of dollars into an economy with severe supply constraints and only a modest demand shortage had to be inflationary.
11/2022: Prices across many emerging markets and developing economies have risen even faster, for example, with inflation exceeding 80 percent in Turkey and nearing 100 percent in Argentina.
MAGICAL MONETARY THINKING
Be interesting to see how the magical money theories will turn out. I am willing to take a bet they will turn out fairly badly, but hope they pull out a tad short of chaos.
Should be good for gold if we have a proper functioing market...always a long shot. ....
best
the Gnome
The Melbourne Cup Day (dedicated to horses) increase in interest rates (dedicated tohouseholds?) was inline with expectations (except my betting was astray and I lost the lot) and means the overnight cash rate has leapt from 0.1 per cent to 2.85 per cent since early May, the fastest tightening cycle in almost 30 years! And who would be counting?
Following the shock post-budget 32-year-high inflation result, economists and financial markets upgraded their forecasts for interest rates. Investors are pricing in a cash rate peak of almost 4 per cent by July next year, while leading economists think 3.85 per cent could be on the cards. And why not?
This is well above the 3.35 per cent assumption used to underpin the economic assumptions in Dr Chalmers’ budget, suggesting employment levels and economic growth could be squeezed further than expected.
Well all bets are on the table, and there are various horses you can rule out.
"Economista fristas" (barrier nos 4, odds 6,790,240,562/1), The radical left nag, lovely looking, runs quickly, but often in the wrong direction?,
"Prince Bizmark". (barrier nos 1, odds 26,780,240,329/1), Radical right, vegan, high blood pressure, seems a bit over the top and will get over the top of any young fillY!
"Elsepeth", (barrier nos 69, odds 7,437,212,329/1)has swapped genders every second month and third race, speaks in tongues, and otherwise is good in a party.
and so on and so forth
Great to have a laugh. The alternatives are a bit depressing?
best
the gnome
Bob
Block caving, in theory... everything caves very well according to plan. The plans are built arond rock properties, AND 3D ROCK FABRIC. Both of these are in fact poorly known in reality, which means that in reality the block caves do not go accoring to plan. When this happens one better have a very good recovery plan. You can imagine that the roof does not falling in as a single unit. But you get hangers...some are 50 to 100 meters above you...
Cave mining methods have become viable and preferred mass underground mining options where the objectives are low cost and high production rates. However, the cave mining industry has already entered into a less certain period or environment where some of the current cave mining options are already showing not to be fully suitable to achieving the envisaged low cost and high productivity objectives. This environment includes deeper and sometimes blind deposits (up to 1,400 m from surface), lower average grade deposits, harder and heterogeneous rock masses, higher stress and, in some cases, higher temperature environments. This is requiring design of greater caving block heights, demand for increased safety and productivity, and escalating mining costs (capital and operating). In addition, there is increasing shortage of technical skills, capital becoming more difficult to access, and communities desiring higher environmental standards. In this new cave mining environment, several hazards are identified that can have critical impact on safety, productivity and profitability. It is necessary, therefore, that these major hazards be acknowledged,and the likelihood of their occurrence be evaluated and minimised during the deposit investigation, mine design and planning, and operational stages of the caving process. These are not trivial issues and can have the most serious of consequences. They demand serious managerial and technical attention (Brown 2012).
... https://papers.acg.uwa.edu.au/p/1905_0.3_Flores-Gonzalez/
https://www.srk.com/en/publications/cave-mining-risks-not-necessarily-greater-but-definitely-different
Very interesting area, the future of mining large low grade underground depsoits...well the alternatives are not that great, or profitable.
good luck
the gnome
When the genie gets out of the bottle it is hard to put her back.
European data on Friday showed record inflation in Germany, France, and Italy, with figures due on Monday expected to show an all-time inflation top of 10.3 per cent for the entire eurozone.
Germany’s headline consumer price index struck an annual rate of 11.6 per cent in October, well above economists’ forecasts of 10.9 per cent. Italy’s raced to 11.9 per cent, against 9.5 per cent expected, and France’s rose to 7.1 per cent, topping forecasts for 6.5 per cent.
Meanwhile, economists said the full effect of inflation in the eurozone had not yet reached consumers and was likely to stay in double-digit territory for some time, keeping pressure on the ECB to keep raising interest rates.
“We think that the ECB focus on the likelihood of recession, the assessment of the 200 basis points of tightening so far, and the typical lag in monetary policy transmission all warrant some caution going forward,” said Fabio Bassi, chief European rates strategist at JPMorgan.
It is rather amazing to see the lift in theprice of common household items, the rising of taxes (or attempts), the incredible price rises in commodities, and energy, the freezing of salaries (been going on for a long time unless you are in IT) and the stupidity of the ruling classes in listening to the dicates of the chattering classes now amplified and distorted by social and mass media to the point of being deafening and stupifying.
We have people roaring about renewables when we do not have the metal supply from the mines (which have not been found) to make this happen, let alone make it happen according to the all in costing which has not been released. IN Oz we have sample supplies of gas, uranium, clean coal, sunlight yet we dont have access ot the gas we own (its all been privatised withthe notable exception of West Australia) and we are not allowed to develop a nuclear industry because of reasons which are not clear (depsite royal commisiosn to investigate and recomend that we do?!) - not enough work done? http://nuclearrc.sa.gov.au/app/uploads/2016/02/NFCRC-Tentative-Findings.pdf
Back onto the mines of the future for the energy of the future, apart form the fact they have not been found yet.
The latest IEA market analysis highlights the fundamental disconnect between fantasy and reality when it comes to renewable energy targets. The report concludes that the industry needs to build 50 more lithium mines, 60 more nickel mines and 17 more cobalt mines by 2030 to meet global net carbon emissions goals. All this in an environment where it is becoming increasingly problematic to develop new mines in many parts of the world
https://nabtrade.podbean.com/e/is-the-commodities-boom-here-to-stay/
Mind numbing leadership, is the new global pandemic issue (again).
New idea: Lets have a war with China?
the gnome
Bob
Block caving is defintely not exclusive to Newcrest. It has been around for a long while and is in operation by several other companies. It is the mining method of "future choice", but how well it works is someting to be very wary of.
Typically, cave mining operational costs are a tenth the cost of conventional underground mining methods. Despite the low operational cost, cave mining is highly capital intensive. This is because a large underground infrastructure platform needs to be established before production can proceed. For example, Codelco, Chile’s state-owned miner, will be investing $5.6 billion to convert the century-old Chuquicamata open pit mine into an underground project (Casey, 2019).
How well the block caving can be implimented is alrgely a function fo the ground weakness and natural break. For instance in one of the mines I worked in, it was very difficult to stop the ground from caving as it was too broken! which meant we got a lot of overbreak. In another, the bolck would not cave to design, which mean large slabs of ore could be dangerously suspeneded in the roof, requiring a lot of attention and slowness and danger.
To balance large upfront capital expenditure, the mine must have a high rate of production and tonnage per drawpoint once the mine is in operation. The Chuquicamata mine in Chile, the Resolution Copper project in Arizona, and the Grasberg caving complex in Indonesia are some of the biggest cave mining projects, targeting a production of more than 100,000 tonnes of ore per day.
While caving methods can be used with any type of commodity, the key considerations are grade distribution, geological and geotechnical characteristic of the ore body. It is the primary underground mining method used for extracting large copper or gold porphyry deposits. Considered as dense, less than 2 per cent of nearly 2 billion metric tons of ore within the Resolution Copper project is believed to be copper, making it the fourth-largest undeveloped copper deposit in the world (Philips, 2016).
Smaller orebodies can still be economically mined, if they have sufficient height and metal content to justify the capital expenditure. Northparkes in Australia, Palabora in South Africa or New Afton in Canada are successful operations with a smaller footprint and daily production.
What is often not mentioned is that the fracturing in a lot of mines, is subvertical, meaning it is undersampled by vertical drilling. This means the real fracture pattern in a block that one wants to cave is not well known, and this is a major reason of FU's and failures.
Newcrest is mining a low grade inhomogenous orebody at Cadia. Their head grades are declining, their recoveries are declining, and the mine is getting deeper. Good luck with that
https://miningdataonline.com/property/185/Cadia-Valley-Operation.aspx
https://www.ausimm.com/bulletin/bulletin-articles/what-every-mining-professional-needs-to-know-about-block-caving--t
The key aspect of the gold assay is not the total amount of gold in the sample, but rather the total amount of extractacble gold. Its the extractable gold you make money from, the total gold can be misleading.
The other v important part is the sample size, especially with nuggety gold.
The delays in the Lab are not suited to the gold industry, and really prohibit true optimisation of various processes.
cheers
the Gnome