Q3 earnings are out https://auraminerals.com/News-Events/News-Releases/News-Release-Details/2012/Aura-Minerals-Announces-Third-Quarter-2012-Financial-and-Operating-Results-and-Corporate-Office-Relocation-in-20131131936/default.aspx
And as always, Aura has another set of "unexpected" problems to talk about:
- Cash cost per lb copper at Aranzazu is now $4.48, but they're hoping to get that down to $3.10 in Q4. At this point I'm guessing Aranzazu will be mothballed in a quarter or two, as they simply can't afford to burn cash by operating this dog of a mine much longer. Maybe they'll eventually be able to fix it by putting in a roaster, but that assumes they can afford one...
- Cash costs at Sao Vicente are up to $2000 per oz due to an "unexpected" failure of their primary crusher (which is the exact same thing that happened at Sao Francisco two quarters ago).
- They've managed to increase their credit line to $45 million, but they're already in violation of one of the covenants and are now relying on the lender providing them with a waiver.
As for good news, Sao Francisco managed to go a quarter without new catastrophic problems, and San Andres actually put in a very decent set of results - along with Serrote, that represents the only real value left in this company. Of course, given their present condition, I don't see how they'll be able to build Serrote on their own.
For now the stock looks rather expensive at $0.28, to be honest.