Q4 os 2012 is the first quarter that will include a full quarter of earnings from the newly completed Ernesto Pau-a Pique mine. This will contribute 30,000 additional oz's to the 4th quarter and 120,000 new oz's for 2013's production.
Early in 2013 the CI Santa Luz mine in Brazil will open and start producing at a rate of 130,000 oz's per year. Mines in Brazil bring the greatest revenue into the company of all the countries it mines in.
The Pilar mine will be completed and start-up will occur in mid-2013. Production will reach 140,000 ozs in 2014.
So if you total it up, we have 390,000 oz's of new production to sell by 2014. Plus, the three mines will be completed and not requiring huge construction budgets that have been paid for as we went.
Since those mines are in Brazil, they should follow the pattern of creating more revenue per oz sold than any other country.
yes it does seem silly esp as had no problem going from 18 to over 20 and next yr should show great Q over last yr Q earnings growth. Just big money that treats market like Vegas than what it was intended for. Kind of sad.