RE:RE:RE:RE:surplus cashfree cash is after all capex has been subtracted, even higher than expected capex.
maybe you are thinking of higher than expected use of that free cash rather than capex. every quarter gcm has been using that free cash to pay down the principal of the gold notes, around 18 mil per year. that uses up a large chunk of that free cash. but soon all the gold notes will be paid down to zero and those quarterly gold note payments will no longer eat into free cash.
other unexpected use of free cash are things like merger expenses for goldx. that should not be recurring every year because they have their hands full with toro and don't need another merger.
this year they spent extra capex on the 60km exploration drilling (past years they drilled only 20km), polymetallic plant, and expansion to 2000 tpd. they do not have to build a new polymetallic plant every year and expand to 2000 tpd every year, so the capex should be lower next year. plus both the investment in polymetallic plant and expansion to 2000 tpd increases cashflow for future years.
invest234 wrote: as usual? last year free cash was 76 mil, 85 mil with marmato removed. the usual is not that bad.
satuple wrote: I think Capex, as usual, will be much higher than thought, and there will be not much surplus.