hmmm. "We can take no comfort from that blue sky, the water and...

hmmm.

"We can take no comfort from that blue sky, the water and the rain have already done their damage - they are in the catchment, and they are on their way down the river system" Anna Bligh, Qld premier, January 2011, during a flood crisis.

"We've ended up at the end of March with a different profile [in the ponds] to that which we'd expected and that then carries forward into [production in] April, May and June ... it [production] will be lower in April, May, June." Richard Seville, MD Orocobre, from 11:51 of the 5 April 2018 conference call.

or Mr Seville could well have said "we can take no comfort from that blue sky, the clouds and the rain have already done their damage - they are in the ponds. and they are on their way through the processing facility."

In the update Mr Seville gave to the market on 5 April he indicated that "full [fiscal] year production will be approximately 10% lower than [] [the previous guidance of 14,000 tonnes]". In other words Mr Seville gave guidance in that 5 April market update that the company now expects full year production to be approximately 12,600 tonnes.

Now, given that in the first three quarters of the fiscal year Orocobre has produced 8874 tonnes then in effect his guidance is that they will produce approximately 3700 tonnes in the June quarter. That happens to be near enough to what the previous guidance suggested for the June quarter. It appears to me that Mr Seville told the analysts on the conference call that production is expected to fall in the June quarter and yet suggested to the market something different. I suspect that Mr Seville has only adjusted the full year guidance by the actual shortfall in the March quarter but has made no effort to make any adjustment for the fall in production he fully expects is coming in the June quarter. I suspect that closer to the 30 June end of year Orocobre will come back to the market to adjust substantially downwards the full year production guidance.