Hi Irony, I listened to the conference call over the weekend. I'm backing off of my criticism of management just a little. My biggest gripe was why they weren't taking more proactive measures in the South Central (UCS) Tucano mine earlier to sustain production. During the call I realized why they weren't committing more money and effort to push the wall back and install drainage at this mine. It only has about 50,000 ounce of gold left. If they were in full production, it only had about six months left anyway.
I believe they were trying to squeeze out the remaining high grade ore, while trying to save money, and the weather simply didn't cooperate.
Henderson said the UCS mine was not the future of Tucano and they have several mines, including the Urucum North mine, Tap AB, and Tap C that will put them back to normalized production about half way through next year. They will also be going back to UCS during the second half of 2022.
In the mean time, they are initiating cost saving measures to preserve capital.
It just sounds like it is going to require more patience and if you're a long-term GPL investor, you should be used to that.
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