The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Wayne Lam - RBC Capital Markets, Research Division - Analyst
: Just a question on Media Luna. You guys have always been very laser focused on execution and had built in flexibility into the construction time
line. Can you give us an idea of how much buffer you still have in terms of planning given how the tunnel rates have progressed over the past year?
Question: Wayne Lam - RBC Capital Markets, Research Division - Analyst
: Okay. Perfect. And then just a follow-up on that. In terms of the tunneling rates, is 10 meters a day still kind of target internally? Or has that kind of
been scaled back a bit?
Question: Wayne Lam - RBC Capital Markets, Research Division - Analyst
: Okay. Great. And then of the $50 million in growth CapEx being spent this quarter, how much of that is budgeted for the Wahas Tunnel? And will
that CapEx be included in the fees estimate?
Question: Wayne Lam - RBC Capital Markets, Research Division - Analyst
: Okay. And then maybe just last question. Have you had any discussions or guidance from the regulators and the progression of the MIA Integral?
And do you need that [enhanced] to commit to a formal ramp-up in construction?
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Congratulations, Jody and team for a strong finish to the year. Just a couple of questions. My first question is on recoveries. I saw that they were
down. You had an explanation for that. Do you expect that the recoveries will improve in Q1, rebound in Q1? And what are your thoughts for the
rest of 2022?
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Okay. That's helpful. And my second question has -- maybe it's directed to Andrew and Jody. So part of the financing of Media Luna might be
contingent on -- or provided by way of cash flows from the mine. So therefore, we see these higher gold prices, and it lends for some de-risking.
Are you thinking of hedging gold though? I saw that there was a number of gold cost collars that expired at year-end. What are your thoughts
going forward on hedging?
Question: Don DeMarco - National Bank Financial, Inc., Research Division - Analyst
: Okay. That's fair. Well, that's all for me. And good luck in wrapping up the Media Luna technical report. We look forward to looking at it.
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