{
  "docId": "019dd923-622c-750b-8b96-91b6b54834a7",
  "docSlug": "9776de5e0578",
  "documentTitle": "Asanko Gold Inc. (AKG)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-05-31 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 16,
  "pageCount": 43,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "other",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 26,
  "notes": "The slide critiques the company's operational instability and financial constraints regarding ore extraction.",
  "elementsJson": [
    "headline_text",
    "bar_chart_stacked",
    "line_chart",
    "paragraph",
    "timeline_visual",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-91b6b54834a7/16",
  "deckHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-91b6b54834a7#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The production schedule continues to be constantly revised, with the development priorities being reshuffled each time.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be71-180d4eb0c9f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.6,
        "x": 0.2,
        "y": 0.13
      },
      "kind": "chart",
      "text": "Bar chart showing tonnages by deposit type and line chart for operating strip ratio",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "40342e44-0d94-473c-8a19-188565c3d052",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.7,
        "x": 0.15,
        "y": 0.56
      },
      "kind": "diagram",
      "text": "Production & Capital Expenditure Profile timeline",
      "attrs": null,
      "subkind": "timeline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd106f46-837f-4add-ab93-f6db06ee981f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Operating Strip Ratio: $40 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be71-1d70b525b2ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.7,
        "x": 0.15,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "We estimate that Adubiaso would have required AKG to spend $40 million removing waste rock before reaching the main ore body. After mining Nkran for a full year and finding less gold, the company appears unable to afford Adubiaso's pre-strip.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c40ab6dc-5294-4bb7-bb90-16cab8a6da22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.79
      },
      "kind": "paragraph",
      "text": "Over the last year, the company's quest for near surface ore has involved changes to the announced satellite deposit development plans and sequencing on an almost bi-monthly basis.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e35d0cf7-995c-471d-8185-5f4f7214c9c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.15,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Based on 2014-01-09 Phase One DPP p426 fig16-40 & 16-41. Based on information provided in the DPP we calculate AKG would be required to remove 19.8Mt of rock to reach the main ore body at $2 per ton.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d010d676-e613-46c4-a05e-b80d17c3660a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.2,
        "y": 0.1
      },
      "kind": "title",
      "text": "Life of Mine Tonnages and Strip Ratio",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5de7fd54-dc00-4b54-b1dd-b5c8310ef2b8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 43,
      "from": 7,
      "beatId": "6be461ab-1701-4014-b503-c277fa3cb52c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents several contradictions and red flags in AKG's operations and financials.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}