RE:RE:RE:RE:RE:RE:Financials look okwilwal nailed it on the head.IMG is pumping up their image by using accounting trickery mixed with smoke and mirrors and persisting unsubstantiated promises. Long term they aren't a viable business. Letwin is suggesting profitibility in H2 but gives no mention of how they will get there other than hoping that POG increases. If they haven't figured out how to mine at this point what should one expect will change in the next few months? In In the downturn they have't become disciplined or efficient miners and instead have squandered a healthy balance sheet on ill-fated hedge gambling.
The project pipeline is nonexistent and to commision new mines/sustain current mines they need huge capital expediures. Cote - that dog dont hunt; they likley need $1600 gold to go ahead, and even if that does happen in the near future building this mine would be a lengthy and expensive project, one that IMG cannot afford. Rosebel is transitioning to more hard rock and continues with grade reconcilation issues, plus they have only another 6-7 years with no news about any additional discoveries to extend or improve mine life or economics of the current operations. Same with Essakane. Westwood remains a literal money-pit disaster. The Monster Lake is a very expensive JV deal that continues to errode the exploration budget without providing any sort of promising resource development. Pitanqui will be tied up in permitting and red tape in a now not-so-mining-friendly jurisdiction of Brazil. Boto and Merrex are the silver-linings in this entire story but I would simply invest directly in Merrex and avoid the clown-run, dysfunctional IMG.