Disco Stu
"Is it cheaper to build theirs first?"
Significantly cheaper. From memory it is around $100m cheaper. However, GRY would be producing around 160k ounces pa while PVM would be producing 200k ounces pa and have a somewhat lower cost of operation (again from memory - check out their BFS if you are interested). GRY may be able to earn a bit of extra revenue from a low cost heap leach operation at one of its gold deposits thereby increasing the production level - a study on this is being undertaken.
GRY's ore body is near surface, PVM needs to spend around $80m to clear 300 metres of overburden to get to its orebody. PVM's average grade is around 2.2g/t, GRY is around 2g/t (I think).
The problem with GRY is its management, not its gold deposit.
loki
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