6 months to June we had 1M in Inventory. I do not know if that is WIP that required any further manipulation or Finished Goods ( Tin concentrate). An announcement earlier in the year did say that they had some stock that needed dressing. Im not a metallurgist so am not quite familiar what that means.
It does seem odd if its FG that it is not sold. Also with the receivables balance at 31 Dec, I am wondering if something went pear shaped at the smelter. Then again as was mentioned by a poster it may be that the October sales stock has not gone through the smelter and hence why it appeared as a receivable. We will know if that cash is receipted at the next CF statement in a month or so.If its not then something is not right in Malaysia maybe regarding grade.
If the 1M is WIP and with a further manipulation it becomes a figure greater than 1M I am still calling a capital raising/loan in June/July with or without sales. I hope Im wrong, but the metrics point that way.
I doubt we can get bank Finance as yet but maybe our largest SH could offer a bridging loan which could delay the need for a CR.
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