Ann: Half Year Financial Results, page-9

Woody2,

Here's one possible, but crude, way of estimating production cost per pound. Inventory was written down at 12/31/16 to net realizable value, or selling price less selling costs. NRV was calculated using the average selling price of existing off-take agreements. If this is the same as the average H1 realized price of $48.68, less marketing and selling expense of 9%, NRV is $44.30. If the written down inventory value was $4,902,000, the pounds on hand would be 110,655. Divide the pre-writedown inventory value by the pounds on hand to get the value per pound, which should roughly correspond to the inventoriable production cost, since some of the inventory appears to have been produced in the previous half year.

Check my math and assumptions. Of course, costs could drop in 2017, particularly with milder weather.