No revenues showing in Financial StatementsHi guys, Annual financial statements are out (year ended 31 march 2017). It seems there is still no revenue coming from sakura mine which I find very disappointing, especially after the off-take agreement signed with Thyssenkrupp one year ago, the completion and commissioning of the 2500tpa processing plant and the appointment of a new experienced german mine manager, very strange situation, is there an issue with the processing plant ? commissioning issue ? logistics issue ? it cant be just a mining issue because they had already a 500tonnes of graphite stockpiled and waiting to be processed....very puzzling.....
Joint venture financials :
Operating, general and administration expenses 687,848 $
Depreciation and amortization 41,062 $
Net loss and comprehensive loss 728,910 $
There is also no revenue coming from the graphene operations, but that is at least understandable due to graphene still in the R&D phase.
Lets hope Elcora management could ramp up production and sales at Sakura, they really need the cash to at least reduce losses from the joint venture and then even finance other operations through generated free cash flow. I dont understand what is happening in the sri lankan mine, it should have been by now a cash cow, not a cash burn operation !