CoCa Recap
Production November:
EVBC:
1600 tpd, which is above guidance of 1400 tpd.
Grades continue to increase, with gold (which should give most of thecashflow at EVBC) grades now above 2 grams.
Copper grades were about half of the forecasted.. Orvana seemed not very knowledgeable about this on the call..
UMC: Still the same problems, and a near-term solution did not seem present. Bad thing ofcourse, as the mine is now half a year in commisioning stage..
2012 Guidance:
2012 production guidance stays about the same as before, which I consider as positive.
EVBC Shaft completion is still planned for April 2012.
In August, the Capex left on EVBC was left 10 million. In this call they upped this to 25 million left..... A sign of bad management in my opinion.
They were talking about raising 15 million for this. Not a good thing for shareholders ofcourse.
I hope they can extend the debt facility without extra hedging.
Worst would be a private placement, which would really dilute the shareholder at these prices..
Let's see in the coming months how much Orvana takes the shareholder point-of-view into account....
On the positive side: we are today up, while most mining stocks are down substantially.
That is something I haven't seen in a long, long while.... !
I agree with Yogi; If we could only turn back the time a year..... :-)
Besides that, what we also now:
IF they can finally become substantially cashflow positive soon, and won't have to extend the debt or raise equity, the company's market cap is ofcourse very low currently..............