Ann: Fremantle Conference Presentation, page-47

Sunday lunch approaches so I will be brief.

OZ minerals prominent hill operations when I did the comparisons had a Break even cost (thats all the costs not just mining) of $64/ t of ore processed.
Using their Stope only mining cost they cut off the halo ores at a grade that that broke even with a NSR of $48/t

HGO's economic study has a break even cost of $83/t and a stope only cost of $68.

The secret to success in investing in miners is to find the ones with low break even costs per tonne of ore processed and high grades.

HGO has higher costs than OZ had but has higher grades because of a higher cut off .

Not investing because their costs are low seems to have the investors rule up side down to me.

Waiting until the horse has bolted breaks rule number 2.