IMG results & MXI
For a change IMG didnt soil the sheets with their Q2. The loss of $31 million was pretty much as expected as they managed to bring their all-in sustaining costs down by $60/oz. which was pretty impressive. One of the best bits of news was that Westwoods production will be down in Q3/4, which should bring down their over-all cost per oz. down as it is their most expensive mine LOL. I think unloading Westwood could possibly be the single best move IMG could make to unlock shareholder value; if they can find someone to take it that is Unfortunately for us, reading through the summary update of their exploration prospects, I think it would be difficult to put MXI at the top of the list. It seems they rate Boto as clearly their top prospect at the moment, but I would also rate Pitangui in Brazil (for potential total oz.), and their Nicaragua property (for silver by-product) as having possibly more potential in their view. Of course, the good news we might take from this is that IMG could be open to selling its MXI interest to another (hopefully better run) suitor.