"Even if pog was $1350 and extraction costs were $750 an oz , they woulda me clear profit of $90 million a year"
How about you try extraction costs of $1500 per oz
"There is even a trend among gold miners to actually report all in total costs of production that include byproduct, G&A, exploration, and sustaining capital in the per ounce production costs. That number, by the way, comes in at an average of around $1,500 for the major producers."