Ann: Quarterly Activities Report , page-9

The bottom line can indeed lie. It can be manipulated, depending on how you treat various expenditure, abnormal costs and income, hedging activities etc etc. That is exactly why Les' approach is right - it gives the truest indication of cash movement in "real time" - and allows the true cost per oz over time to reduce significantly.

If they did not include the capex as operational costs then you would see an operating profit for the quarter, which would clearly please those who arent prepared to properly analyse the rport. To say nothing of the fact that they remain within guidance for the year.