First off, I'll admit I am optimist here, but 250 shipped tons would have breached contract and we would be finished. According to the PR on Sept. 30th, "The Company has delivered 75 tons of concentrate through today with two trucks carrying 50 additional tons to be delivered Thursday, October 1st." That's a total of 125 tons or half of what you are reading. That would mean that the entire month of October, they were only able to ship the remaining 125 tons. Can't be...
I went back and re-read it and still believe it to be 500 shipped to smelter with an additional 250 being produced and shipped. In this statement, "Copper King Mining Corporation is pleased to announce that it has completed production of in excess of 500 tons of concentrates from its Milford, Utah mill, and is presently preparing to ship another 250 tons of concentrate to the receiving smelter.", I have to assume they are considering "completed production" as the full cycle of milling through delivery. Let's face it, their PR department is pretty naive when it comes to wording being misinterpreted. Things could be much clearer.
But, let's look at the 700 tons you are willing to conceed to production. Actually, they are right on their numbers. What you forgot to account for was the 25 days the mill would not be running per year (340 days).
700 tons / (340/12=28) = 25 tons per day, which would equal the trucks going to the smelter with a little excess.
Now, this calculation is yet to show the increase in production we are all hoping for, but there's still ~2 months left of the soft start, right?
I still take this PR as a positive of them meeting their numbers and continuing to honor the agreement with Sempra. But I wonder how long the re-investments will hold down the pps.
Nice rally today!
Peace - VVV
