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If you read our posts we expect the dividend to be lower because we think earnings per share will be lower as Chromium rise nowhere near PGM fall,

Mike, so you are expecting a full halving of full year dividend from 9c to 4-5c. Sounds about right and reduces the yield to 4% even at this much lower share price tho still a price of only about 4? On another note rh is rapidly approaching its 3rd April low. Any chance this could prove a double bottom or will it be on down

Interesting today when rhodium down another chunk butpgm basket actually up as rh has fallen from 60% an is now down to 38% of basket, and Platinum and Palladium rise outweighing its fall - if that could go on. Even more important in Karo when rh down to 18% of potential profit at this price.

Yes profits and divi down about 40%, share price about the same. However the bigger question is going forward as at current prices the second half will be lower than the first half, so presumably the shares are likely to drift lower. The share price has felt too low for ages but sadly profits keep falling, to catch up with what it anticipates. I imagine we will get a hit later in the month when reduced divi announced, even at this share price going forward yield will be down.

Usually announced with H1 figures at end of May for payment in June, wonder how much it will be down with the lower profits my guess near halved but not quite

Owls, yes that is what I am banking on, that a sell signal from IC is positive. Still Hoc cash is pretty tight with the dividend cancelled and Snip walked away from after spending 8 figures due to lack of cash

Yes Slater, sadly depends not on chart astrology but the Inmaculada permit. Did you see the disappointing but realistic Investors Chronicle sell note on Hoc?

Rh now 10% down in a week. Also viz chromium THS have a new way of presenting figure next week so not so easy to compare to previous tweets, it appears to be up but may actually be down because of this, as elsewhere the metal is still falling, we shall have to wait to compare THS the figure over the next few weeks if they remain in the same format

You are right, 1st quarter results usually come in late April but nothing in the investors calendar on the Hoc site that I can see. Maybe now they are barely making money and all depends on exactly what permissions are or aren’t given for Inmaculada they just aren’t bothering as with the annuals that were months late…and why? Sad

Lucky there was an interesting article on Kitco News yesterday on how the market doesn’t react to news in any predictable way (looking over many years) but does it’s own thing often using the news as an excuse post hoc. I wonder if today gold will go one way on the news at 7pm and another on what is in Powells speech beginning at 7.30pm. It does feel the market wants an excuse to take out the all time high, but whether it will use today’s news as that excuse or wants to consolidate or fall back first who knows?

Sadly it was your imagination, the trend is your friend (or for us enemy) and rh is off again down as it has been for 2 years

Yes freedom diversification in metals is great, though Karo will make us more PGM again. However it is not so great when both Chromium and PGM are drifting down in tandem

Probably your imagination as there is nothing yet to suggest the two year trend down has reversed, far more likely a bounce in the misery, but here is hoping you are unlikelyly right

Thanks, a bit out of day as basket value is nearly a third more than the current price. what is base metal blended price of $15099 which is little more than Karo basket
Sells for now?

With falling prices rh is down to 40% of the basket ie 20% of overall profits v roughly, with chromium highest followed by platinum/palladium combined

Well the price isn’t down as much as I feared so if we can stay here with this bad news I think the future bodes well. My worry is how much the market has priced in the Inmaculada compromise. And my question is making over $200m at these kind of prices ex tax etc why profits are so low and if that is because of Maria Rosa capex in which case we will be reaping the rewards in just a year.

A tale of two companies: Yes Prof, I expected a 10% hit to Hoc this morning, also reporting today, and a flat Centamin. I wonder how wrong I will be. I am pleased with Cey because results as expected, and the full year at these gold prices should be nice, hopefully we shall begin to rise a bit more now, on the other hand,Hocschild has cut its dividend to nothing with hardly any profit, it’s main mine permit will be resolved but with what they imply will be a nasty, profit hitting compromise. so Cey the jam is beginning to finally come today, Hochschild is very much tomorrow. Even Cey didn’t stop its dividend at its toughest moment.

Thanks Prof, Bushy has been equally unpleasant over on the Hoc board but I have to say that there like here other members have been most decent and supportive, touchingly so after a very hard medical week, (which might use up the house money so maybe lucky couldn't build due to key collapse) giving one faith in humanity. Most people are decent, particularly on this board but also on the smaller Hoc. The Hoc results are delayed by two months finally out on Thursday which is scary.

silver has finally reached our hedge price, I have to say one thing management did get right was hedging a third of silver output a couple of year ago as silver has rained below their hedging prices since, despite criticism here at the time, though sadly although designed to keep expensive Pallancata breaking even it was not enough as Pallancata costs soared over $30, however another $10 on silver and it might even reenter profit when hedge is over

but chromium now descending tho nothing like as fast as rh, I bought more Cey around £1 with the intention of letting them rise, then selling to buy more lower THS. I am waiting a bit longer