Unless I've misread this, TGB's fearless 'El Lider' is at it again. These statements from the most recent TGB press release.
"Ramp up of the new concentrator progressed during the second quarter as operations and maintenance crews continued to fine tune and optimize equipment and operating parameters. The new concentrator has met all expectations and is beginning to consistently achieve throughput and recovery design criteria.
Overall availability of both concentrators was 83% for the quarter, 11% lower than the targeted rate of 93.5%. Copper recoveries in both concentrators improved during the second quarter, averaging 86%, and remain a focus. It is expected that by the fourth quarter, recoveries will be at the design rate of 89%"
Huh? Allegedly has "met allexpectations" and yet 10.5 BELOW the "targeted rate of 93.5%." And pray tell, aside from the evident statistical slight of hand, why reference the 'targeted rate" if indeed the only meaningful matrix is instead the "design rate?" And of course for good measure yet another variation of the 'ol next quarter syndrome.' Instead of the likes of the 'tried an true' excuse of Cu got 'left on the docks but to be shipped 'next quarter,' now it's "89%" to occur in the "fourth quarter."
Oh, say it ain't so, Russ. And just when we were all beginning to believe that you'd become a real straight shooter-NOT!
I picked up on the same 'great operating performance'! A couple of quick estimates based on throughput and up time and we left +- 2M lbs in the mine and lost another 900k lbs out in the tailings of the concentrator! But, who's counting, we made some money anyway. Even the goals they have set for the concentrator throughput and uptime seem very low. Of course, that always leaves room for future upside performance
to deliver as time goes on. Russ has got to go...!
You are referencing 2 different things.
The targeted rate refers to the availability of the concentrators. During ramp-up one should expect the actual rate to be less than target.
The design rate refers to the recoveries from the concentrators. That rate is below the design rate of 89% and is currently 86%. I am not knowledgeable enough to know if this should or shouldn't be expected during ramp up.
Certainly the performance of this management team has been less than stellar, so hard to argue on that aspect.
you got that right for sure.
He should be in line for a bonus for keeping the stock from going under a dollar.
He new mine idea is a real dosy. what a farmer.
Maybe is should disconnect himself and leave the co. Get someone that can put a real viable plan together
Foggie-per chance do you know if the prior agreement with Franco (Nevada) is still in effect?---even though that was for a possible (before kerplunk-which by the way is the middle name of El Jefe!) for the long gone P1-with in return for something like $350 mil in financing TGB had to sell a certain amount of the would-be-mined gold for $400 oz?
Just curious-not that TGB will ever build then actively operate a P2 gold and copper mine in our lifetime!
OK, I've once again posted in such an egregious manner. Thus I fall on my sword and offer heaps of apologies to the ever misunderstood and wholly unappreciated El Lider.
Do you think he'll forgive me?