Thanks temeku and johnny for the recent report showing the huge piles of processed ore at the mine etc.
As masscommuter says there should be over 7 million revenue booked this quarter upon shiploading of the 42007 ton KRITON and presentation of bill of lading,if thats what CWRN contract specifies.
The 32 million is the apparent amount of the Documentary Letter of Credit,which would explain why the 12-30 PR conservatively(at that point in time) estimated 32 million 1st quarter revenue,when they already had 118,000 tons processed.
The spot at the presumed time of the final contract was ca $175/ton,though we don't know the actual contracted price due to competitive market reasons. At $175/ton $32 million would be just under 183000 tons for this 1st contract.
Apparently unexpected protracted negotiations over details(such as fuel costs)delayed shipping,along with other variables.
A big question is the amount of ore at port. 18 trucks and rising(soon after itmd's report of 15 trucks ca Feb 4,in concert with net loads and roundtrip times provided by pesquero, with customs closed at night),would yield ca 3375 tons trucked/day,as both temeku and I had estimated. Which would be almost 150k tons at port-though some have estimated much less. 150k tons would be too much to store absent unexpected delayed shipping or a second ship to closely follow the first.
Has trucking slowed due to shipping delays?
Does anybody have a report of amount trucked? Last known reports indicated production was exceeding trucking(at presumed 3375 tons/day)and there are at least several hundred thousand tons processed at the mine-which should yield a huge inventory figure for the quarter.
IF trucking and shipping proceed anywhere near projections,at least 2 ships with the speed(11-15 knots) and load(42000-57000 tons)of the prospective ships mentioned so far would be needed,so,as pesquero said months ago, a ship would be leaving every 2 weeks. So just because the Kriton is confirmed does not mean it will be the only ship CWRN uses in a rotation.
Delays are the name of the game,especially in pennys.
This is still the only penny I've seen transition to imminent substantial revenue,which will make the current pps extremely undervalued, no matter what the share count(which is a distraction from the seminal event of shipping and substantial revenue).
