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takeachnace1, I don't remember a figure that low, I've had a quick look over previous years all in cash costs (some years are missing / can't find), but the figures are much higher. Whilst surface mining has been profitable in the past, I don't recall underground mining being anywhere near as they never got the volume needed, and certainly not at current POG levels. Final results 31st Dec 2015: As a consequence of the increased ounces and cost reduction, all-in cash operating costs per ounce decreased to US$1,643 per ounce against the prior year's US$2,521 per ounce. Final results 31st Dec 2013: -- While the Company had been expecting to make a modest profit and be cash-positive over the year, the reality was an 'All-in' operating cost that was US$447 per ounce higher than last year at US$2,425 per ounce, an operating loss, and a net cash draw down of US$8.9 million. The outcome of the above is lower economies of scale, in a predominantly fixed cost environment, resulting in higher than benchmark all-in cash operating costs per ounce of US$2,236 (June 2012: US$1,695). With improved underground mining and ore sorting protocols expected when the upgraded process plant is commissioned, production and economies of scale are expected to normalise to benchmark levels. Reduced operating costs Surface mining Surface mining cash operating costs reduced by 26.0% to an average of US$1,115 per ounce (2010: US$1,519 per ounce) due to the discovery of additional surface materials with better strip ratios, better grades, resized employee headcount, metallurgical process optimisation, and renegotiated material and service contract rates.
Gibbo, How do you arrive at CRND having the 'capabilites to produce $3-4 million gold per month' ? Gold from where? The only gold bearing ore CRND currently have access to is from the dissued mine dumps that were acquired. Although it's positive that the water level is continuing to drop and within range of under ground mining being able to recommence, I don't ever remember CRND getting the all in cash costs for underground mining ore extraction below $1800/oz, when the POG is bouncing off lows of $1200/oz , I don't see how it is going to become a 'very profitable company' anytime soon.
I guess we can only work on the basis that no news is good news and the company is still trading...... Waterlevel now at 170.84 MBS, still July & Aug of dry season to go. Puno dispute now closed out. No response or appeal from Puno after 3 weeks.
Lowest ever level since pumping began, can only be a big plus..... Still up until earley Sept/end of dry season to really make it count
The accounts were to 31st Dec 2016, we're virtually 6 months further forward & still trading, only the shares are suspended.
I agree Captain Cook, the BOD are mostly likely up to their eyeballs with sorting out funding options / Puno Court case and juggling the small amount of spare cash they have to ensure everyone gets paid and the company continues trading. No doubt they have simply left it to the last minute and something has gone wrong.
Final accounts delayed to beyond 30th June.
Water level now at 167.84 MBS @ 18th June
No, the latest RNS is yet another positive...! Although cash is still very tight, they will still have £184K (Zar 3.1million) more than they owe out. I'd like to see them tap up Mr. Jia Bang Wang for an additional short term loan on the back of the Puno High Court award to tide us over and forget any thought of asset sales or placings.
Forgot to add - the suggestions of assett sale has now expanded in to a placing option. Existing shareholders should be included in any placing, and Bergen's services dispenced with. "However, the Directors are still considering a number of solutions [to ensure the Company meets its financial obligations]. These solutions may include the sale of the Company's operating assets or a placing, which is likely to be materially dilutive to shareholders. The Directors cannot guarantee that either of the aforementioned options will be successfully achieved." Also who are these outstanding creditors?? and how much debt has been paid down?? Still no facts & figures on what the processing plant is generating financially The income generated from gold produced and tolling fees has been utilised to pay down outstanding creditors, so as to ensure that historical debtors are reduced.
The BOD seem to like these 4pm RNS's
Glib, All fair points there, I forgot about the small Zhu Loan. I don't see the Bergen Facility as being an option going forward, hence why asset sales were mooted prior to the Puno news. Bergen has destroyed the shareprice & value of the company, although there was still $2million to drawn down, the Mkt Cap at suspension was little over £1 million
We can but hope, I'd like to see Puno removed for the situation altogether and stripped of their shareholding, they've done nothing to support CRND only hinder, so why should they profit in the event of a sale or CRND ever becomes a profitable gold miner in it's own right.
I think there was still approx $1.5 million of convertible securities with Bergen that could still be issued if required, only no value left in the company to covert against.......
CRND don't owe Bergen anything, they have simply been issuing Bergen new discounted shares for cash as/when additional cash has been required and thus diluting existing shareholdings, Bergen have then dumped them & trashed the share price. Hopefully Bergen's services can now be dispensed with...... CRND do owe Mr. Jia Bang Wang $750,000, the last $250,000 of the $1 million still hasn't been received and hopefully will not now been needed. They still owe the long term $7.25 million to Redstone Capital as well, I believe that may be all the debts, unless I forgotten anything?
Confirmation RNS just issued! $5.684 million award it is then..... :-)
Having re-read the full RNS, I don't think there's much doubt on the award amount in SA RAND, it's the second line of the bullet points that is causing the confusion; The Company's subsidiaries, CRGSA and CRGNV, awarded ZAR72,326,573 (approximately US$924,791). The award amount is clearly 72.3 million Rand - ZAR72 326 573.47 is declared valid and enforceable. - Puno retains interest in CRGSA but owes CRGSA and CRGNV ZAR72,326,573 (approximately US$924,791, being the original loan amount plus compound interest). $924,791 was the original loan amount requested from Puno for it's share of the cash call, on top of that there is now 9 years of compound interest, South African interest rates were as high as 12% in 2008 and are still 7% now, it may also include other associated costs. https://tradingeconomics.com/south-africa/interest-rate Hopefully there will be an RNS issued in the mroning for clarity, but it certainly looks as though the award is worth a lot more than the original $924k, CRND should also be re-inversed for court costs as well.
Yes that's correct plus CRND may get legal costs back. If Puno don't pay this time, they should be stripped of there shareholding for non payment. That could then be sold to the Chinese to raise funds.
Things are looking up!
Water level as of 11th June now at 166.84 MBS