Ann: Quarterly Report March 2013 , page-22

As per MML's Investor presentation published 12 Apr 2013:
for FY 2012 (approx figures):
A : NPAT = $ 35.3m
B : # of oz produced = 60.6 koz (# of oz sold ~the same as produced)
C : average price received : $1658 / oz

So :
D : profit = A / B = $582 / oz
E : REAL production cost = C - D = ~ 1078

And "E" above is a real production cost - imagine that you have your own gold mine , you dig gold ore, do whatever with it to get gold, then if you want to know what was your cost of doing that then you would come with the above figure. And that figure will be a true picture of the profitability of your mine.

BTW: The only AUS gold producer I know that shows all off the above costs in a true and proper way is SLR.
In one of their recent reports that clearly state what costs are what.

MML does not do that - they lure people with a 'cash' cost of near $300 / oz mark, which means really nothing.