SixPistols,
You will find there are a couple of factors at play.
One glaring issue for me relates to the production profile.
The Ilmenite and Garnet pay the bills and the Zircon/Rutile is the cream, but the ZR/R production numbers are falling away and this is affecting the revenue to cost ratio (which is down 10% with sand pricing up 40% from Jan 2017).
The Garnet stockpile is growing and exceeding their GMA offtake, so that will take a while to monetise, but they need to continue to process it to get to the ZR/R still in the ocean. They are selling their ilmenite and should continue to do so for a while, but again, it just pays the bills.
The solution is fairly simple though.
The DMR need to stop farting around and release more land. Having seen how the DMR work, this could be a very slow process which could potentially jeopardise the 250 people that work at Tormin. If the land isn't released, Tormin will become a much smaller operation or possibly close.
Other factors:
http://www.news.com.au/finance/econ...n/news-story/a8a81155995b1adc1c399d3576c4c0bc
Can you now see the context of Mark Caruso's comments about expanding into other jurisdictions? This is
Zimbabwe like and frightening.
Graphite
Looks okay, not my speciality.
Iran
Mark Caruso is a very good gold man, but Iran?
Don't get me wrong, I think Mark Caruso has done a very good job to get Tormin up, but South Africa has become a very ordinary place to do business.
(Disclaimer: I sold out over the past week).
Pep
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