explanation, page-4

Rusty,

You have to differentiate between Revenue and Sales.

In FY13 MML produced 62,243oz at an average of $1610/oz = Revenue of US$100.2m.

But they actually Sold 77,488oz at average of $1610/oz = Sales of c. US$124.7m

Reason is that they held receivables of c. 17koz gold awaiting settlement at the end of FY12.

Over FY13 they have received payment for c. 15koz of this gold so it has been booked as Sold and cash booked under 'Receipts from customers'.

Gold awaiting settlement in receivables is now just US$2.881m (approx 2koz).

However, they also report a gold inventory of US$5.463m - AT COST. So, assuming FY13 costs of c. US$315/oz, that would equate to c. 17koz of gold in inventory on June 30th.

Revenue is booked on production.
Sales are booked when cash is received.

I hope that makes it clearer.
CPDLC