think about a mining project that consists of a lot of shallow pits which would each be mined over a short (say 2 year period) - it may help conceptualise why overburden pre-strip costs should be viewed as a production cost and not a capex cost
irrespective of accounting treatment, 'capex' in my mind captures infrastructure only (eg processing plant)
who cares if you can produce gold at a $500 op cost if it cost you $1,500 an ounce to move the dirt on top? (extreme example)
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