This part of the conference call makes me think that it will be Q4 before Namoya is in commercial production...If not Q4, very late Q3...Commissioning is done prior to production, and the "production activities during the fourth quarter" statement is a pretty dead giveaway.
At Namoya, for this third quarter 2015, we’re preparing for the delivery of the CAT 777 mining fleet additions in early September and commissioning in phases starting again in September. The Namoya Summit has been cleared for delineation and is planned to be ready for production activities during the fourth quarter of 2015.
So what does this mean? Namoya guidance was reduced when Q2 Mining Results were released, and it's projected to be between 60k-70k ounces for 2015. Through Q2, they've produced just short of 20k ounces, averaging ~10k ounces per quarter. Part of me hopes to see a substantial improvement in Q3 to show they are ready for commercial production, but part of me hopes they come in at the 10k ounces again, and then knock it out of the park with 30k-40k ounces in Q4. Of course, with only hoping for 30k ounces produced through 3 Q's, that brings in the risk that they might miss their guidance.
Sure would be nice if we'd get some attention on Jenning's book price of ~$4/share.
AI
