Ann: Quarterly Activities Report December 2012 , page-8

re: Ann: Quarterly Activities Report December... kermit, thanks for your calculations. However, remember that there are non-operational costs above cash costs to also deduct from revenue (exploration, corporate overhead). I recall these added about $100/oz, but I have not seen the figures in recent documents. MM includes royalties in cash costs and
I understand it still has a tax exemption, so those are accounted for.

At the same time, MML's cash costs apparently exclude by-product credits, which would also contribute to earnings.

Overall, MML's results are only a bit below expectations, for reasons stated. More important, the plant is ramping back up to full production, so the P/E ratio will look very appealing in quarters to come.