Member Info for johnpwh

Surprised sex slipped through the censor. This vetting isn't a new thing though. Years ago, I was working somewhere that bounced virtually all Emails (or so it seemed) because of naughty words. Friend of mine in systems found and gave me a full list of words considered offensive. Pages and pages of them, and I genuinely hadn't heard of 80% of them. So I looked them all up, and I have to say broadened my education and outlook. In fact it probably kept my marriage going another couple of years.

Funny you should say that, have just finished watching Question Time ( I started late). Go help us it Corbyn gets in or Sturgeon holds the balance of power. I don't think Swinson will get anywhere, she is out of her depth.
Think I have had enough of the SP marking time, I'm as fully invested as i'm going to be and determined (and unable) to go further. I want an SP increase - roll on debt repayment and Tavsan.
Don't think Portsmouth will top the (premier) league - they aren't in it!

DJ
I don know why but I am sensing hostility. Have a sauna, a glass of wine, chillax...….
I think this must be pretty much a record number of posts for this board!

True Claret.
And 'the Clarets' should hopefully have a result at the weekend, though playing someone almost at the bottom has its own pressures. Of course I am torn now between Burnley and the Villa now they are in the same league!

Only one bloke Van, I found him not worth reading a long time ago

Chatty board today, though some of them are filtered!

Definitely underpinned at this SP level Van, I have a lot tied up here (I wont divulge, but more now then when I last met you) but I do sleep well because something fairly catastrophic would need to happen to drop much imo

Hi Van
How much of the $589 was the state right though? To me that is a real 'one off', one which would be better spread throughout the year rather than recognised solely in one quarters costs. So I doubt the underlying Q3 cost figure is down over Q2, quite the opposite. Other 'highlighted exceptionals', such as the push back at AS or the stripping at AN/D in Q3 seems to me just business as usual and should be recognised quarter by quarter - and similar costs will occur periodically in the future. That's why the costs are worrying me a little.
I can only assume that AN/D grades will overall be less than AS gave us, to be fair the company has been explicit on that. With stockpiled AS ore it will be some time before the picture becomes clear, but timing is on the companys side - by the time grades start to decrease the Kiziltepe construction loan should have been repaid, so the bottom line will be heathy despite that. In good time I assume grades will decline further but Tavsan should by then start making a meaningful contribution (don't forget DrS' 20,000 oz long term average which he has never deviated from, which means < 20000 oz some time in the future mine life, a lot less than the 25000 + expected this calendar year)

ps, the bare bones accounts for the JV in the interims actually should a negative tax figure of 38k I think. I stress again that I am not an accountant However I appreciate that the JV will be paying CT going forward. Back of my mind is that Dr S said that there were certain concessions made to encourage businesses such as AAU, one of these may have been on CT. I will attempt to find it!

Yes Ash, agree though will CT be payable yet as there are surely losses cfwd?
I, along with Paul280i and VanVan, attended the last London presentation. Not sure if any other posters were there. I specifically asked whether the company could 'smooth' the transition between AS and AN/D, or whether there was risk of production disruption. One of the other directors (Mr Sangster?) fielded the answer and said that rich AS ore was already stockpiled which would be available for processing until the second half of 2020. Therefore they expect no disruption of production but did not assure that the it would continue at 2019 levels.

I should add of course add by net income I mean net of production costs not of debt repayments, admin etc.
It certainly looks good for the next calendar year, though production could well be lower and remembering there will still be loan repayments in the first part of the year.

Hi Dibs. Is AAU in a worse geopolitical region than EUA?
Just been mulling over the figures.
We seem to be beyond the sweetspot for costs. Q1 was $399, Q2 $589 and $540 this time round. Last quarter it was explained that the costs had increased due to (for one reason) the annual government state right, this time stripping at the new pits/ pushback at Arzu South. In the future we have been warned of poorer grades from the new pits compared to Arzu South, which will inevitably increase costs per oz produced. I don't think the current costs are particularly worse than expected, rather that in some previous quarters the situation conspired to give unusually low costs which some of us thought (hoped) would continue a bit longer than they have. In the Q2 results interviews Dr S said that, after stripping exceptionals, underlying costs were still running at the upper $300s. Wonder what he will say this time, is that still true? Maybe this is just me being concerned and feeling a little misled, but the effect is that the increase in costs since Q1 has all but negated the increase in net revenue due to higher metal prices.
Anyway, using $/£ of 1.25 a quick calc based on Ashs spreadsheet gives a net income to the JV for Q1-Q3 of £17.445m (if my calcs are correct), on course for c.£24m for the 2019 calendar year - £12m attributable to each of the shareholders

Just woke up, first thing I do is make a cuppa and switch the laptop on. Seems as expected, perhaps costs are a little higher than I hoped - the remarkably low costs seen at the end of 2018/ early 2019 seem to have been the exception rather than the rule

hmmm

Have to admit Ash I had no idea Noel Shempsky was a TV characters name. I watch very little TV!

Don't tell Corbyn we've got 2 fires burning. Think of the footprint

Bloody hell Buffet, you are showing your age mate. Most newly married couples have been doing that since their second Tinder date. All they do on their wedding night now is f*rt , turn over and go to sleep

From what I just this minute read the windfall tax, if it ever comes to be, will be applied company by company depending on past contribution of that company to climate change. Cant see much impact on HUR then, more the likes of BP and Shell

I can pick a nit with the best of 'em.

Hi Claret.
Burnley not doing so badly, hope you are keeping well