RE:RE:RE:Analysis on Q2Ok, I've finally had a chance to actually look at this now.......you said,
"If you also look at p5 of the press release, you will see that Moa was minus $100,000 of cash flow in Q2 (minus $10m YTD), so Moa was not generating sufficient cash flow to pay dividends from cash flow."
You are in part correct. The cash did not come from cash flow. My quick calculation of realized nickel price - NDCC X fx X sales - capex did not consider FortSite
The cash for the dividend comes from two sources 1. favourable working capital adjustments - $7m, and 2. the balance from some of the excess reserves at Moa above the $60m. threshold they like to have on hand.
Andrew also said that, in general, as a rule of thumb dividends would be paid from Moa when the nickel price is $6 or more.
Thanks.