Gold Miners in the Tropics Count Dry Months, Not Quarters
Mining calendars are usually written in quarters. Guidance covers the fiscal year, results arrive every three months, and analysts model production in neat 90-day blocks. Near the equator, the operating calendar is set by something older. Rain decides when haul roads hold up, when pits can be worked and when material moves.In northern Brazil, the swing is dramatic. Macapá, the capital of Amapá State, averages roughly 13 to 16 inches of rain a month from February through May, according to 30-year climate data from Brazilian forecaster Climatempo. In October, it averages about one ...