RE: RE: RE: RE: RE: June 12 knee jerk selling Early, I was looking at their MDA Summarized Financial Statements (pg 8 Sept'11 & pg 6 Mar'12).
Mar'12 Dec'11 Sep'11 Jun'`11 Mar'11 Dec'11
Tonnes Milled:
83,912 88,460 96,813 101,873 76,980 78,943
W Conc Produced:
71,729 76,628 52,927 74,652 43,729 52,972
W Conc Sold:
82,861 70,989 55,927 69,834 50,834 36,383
Mine Site cost of Sales:
26,995 17,589 16,833 16,320 17476 19,489
Ave.Price of Sale per MTU (rounded to nearest dollar)
$378 $362 $317 $272 $228 $201
I could understand if mine site cost of sales were amortized to the cost of production of the units sold. So one would see much higher costs in the last quarter because although they produced and milled less than some previous quarters, they sold more that qtr... and good one them for stockpiling it till they could get top dollar.... but that clearly wasn't done in Q1'12 vs Q4'11 since mine site costs were essentially indentical in spite of dramatic differences in MTUs sold.
I, and many investors, have been drawn into investing in NTC based on the apparently strong fundementals and effective and efficient management of this company which allows good production results and focused strategy for marketing the production from the mine.... then it all appears to go south when the financial statements don't reflect the production and resource definition results. The write off's for TDI and balance sheet adjustments are a concern. Someone with better resources, insights and expertise will be able to investigate this and clarify why NTC either is fairly priced, is grossly undervalued, or.....