RE: Truth hurts, eh.....Orvana certainly overpromised by assuring the transition would be smooth relying upon their operating experience. However, they are acting like rookie operators in the approach of handling these problems at the acid plant.
If the LPF process is running smoothly I think Orvana made a big error by not attempting to procure acid on the open market on a temporary basis to operate the UMZ while they fix the problems at the acid plant. Orvana needs cash flow.
My big question is why they couldn't even perform batch test runs of the system at an earlier date to see these potential problems while the company was in the permitting process. The reserve extension at Las Tojas certainly gave them plenty of time
As for El Valle delays: I have no idea however the budget has increased by 20 million from original projections which may explain its decision to operate the lower grade accessible areas first at 70% of mill capacity .
It is a guess but it is certain the company doesn't want another repeat of bad press so they may wait until they can safely declare commerical production.
Trying to figure out the bottom here will be a difficult task especially in light that I am expecting a general a market correction but when you look at this in a long term perspective (past a year) you are getting a gift at current prices.