"AIC is not a measure of profitability during the ramp up stage of mining.
Contrary to your belief it includes capital expenditure to increase production."
They spent 9.3M on plant and equip last quarter , add that capital expenditure and they would have made a loss for the quarter using your assumption .
So not as black and white as your assumption that AIC includes CAPEX , may have included some CAPEX that is not recorded on the 4c but without an amortization schedule of the time frame CAPEX is paid off , but hard to make assumptions like you have .
Bit of a red herring anyway as my contention is that the cut off grade may be too low at current POC , based more on C1 costs , which I should have prefaced so my mistake .
Well worth following this though as my good friend Wassa , is also in it and he is a fountain of knowledge .
HGO Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
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