RE:how is this place still losing money...Bravohit wrote: Serious quesiton...how...i read the financial statment...how is this place losing money....why is Mt Polley loss 5.8 Million???? this quarter alone......What the H are they doing there....
God someone please make sense of this...
BH
The Mt Polley cost is one of the biggest items in the income statement, but there is no detailed breakdown of the $5.8 million cash cost, just the following generalisation - really sub-standard reporting!
Mount Polley operations ceased in May 2019 and the mine remains on care and maintenance status. The mine restart plan prepared in 2019, is being updated to include revised pit designs, results of recent drilling and current metal prices. The Company is actively seeking to secure financing to fund the restart of the mine. The COVID-19 pandemic continues to impact the mine restart timeline. Site personnel continue to maintain access, fire watch, manage collection, treatment and discharge of site contact water and actively monitor the tailings storage facility. In addition, work to facilitate the restart of operations at Mount Polley continued during the quarter. This work included: • a small crew of mechanics continuing to prepare the mining fleet; • testing blasthole drills by starting a blasthole pattern on the 1120 metres bench in the Springer Pit Phase 4 pit; and • hiring mechanical and electrical contractors to inspect and repair as required, equipment in the crusher and concentrator. For the September 2021 quarter, Mount Polley incurred idle mine costs comprised of $5.8 million in operating costs and $0.6 million in depreciation expense.