cost per kg, page-20

You can't work out COP form the qrtlies; yet. "production" cash costs have ben $33m for the last three quarters, regardless of production rate. There must be a whole pile of repairs/replacements included, product trials (and errors), you've got the full staff being paid for producing not much, the kiln will be consuming energy at close to the 11,000tpa rate for 4,000tpa ....

You need a few quarters at steady state to get any meaningful figures. Contrary to what Eric says, atm this looks much more like a fixed/variable cost structure of 70%/30%, rather than his 30%/70%.

If you have steady state production, you don't need to worry about opening/closing stocks, as we are told the production tonnes per quarter, and the costs. Sales and finished goods stocks don't come into it, nor does WIP. Only variation might be Mt Weld concentrate production.