Pretty good results everything consideredI would have expected pretty bad results with production of nickel/cobalt being down 10/18%. And seeing Cobalt trading so low. Yet, they still manage to post earnings very close to last year. And managment stated that April prodution number were back on target and they did not change their guidance.
More importantly, on a net cash position, they maintained their situation despite paying 24 millions for the 2020 PSU/DSU. Moa is still spitting out cash as it increased their cash position by 40 million to 83 mm.
The cobalt swap will need to be complemented by cash distributions to reach its 155 mm target but good news, this appear to be payable around July. The JV should have enough cash to cover any shortfall in cobalt.
The next questiion : when will the mandatory cash redemption of the 2026 bonds be triggered ? Pretty sure that it will be triggered on April 30 to be bought back next fall. Maybe a last bond buy back on the market to pick up bonds at a discount ?
GLTA