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Gold/Mining/Energy : EET Etruscan Enterprises T
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To: Cal Gary who wrote (236)12/17/2004 2:51:14 AM
From: Salt'n'Peppa  Read Replies (2) of 281
 
Hey Cal Gary. Just happened to be online at this late hour too (well, it's almost lunch time here in the Middle East, but I'm still jet-lagged!).

IMHO, they are doing very well with this commissioning phase.

I posted this just now, over on Stockhouse:

Cheers,
S&P
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9236 oz = 287,240g (31.1g in a troy oz).
This works out to 2.01g/tonne in this commissioning phase. Not bad!

So, what exactly constitutes "significant savings" in operating costs?
5%? 10%?

They are supposed to produce at a cash cost of $177/oz in the first year. Can we revise this to $170/oz based on the above?

Can we also assume that this gold is being sold at an average of $395/oz (50% at the contracted $360 and 50% at $430)?

That would give the JV a profit of $225/oz, or US$2.08 million for the month of November.
...and this is still in the commissioning phase.

80% of that number, or US$1.66 million is going directly to mine repayment.
At that rate, the debt of $27 million will be fully paid out in 16 months.

However, both production volume and grade should both increase over the next month or two, so capital cost repayment should be less than 15 months.
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