go conti, page-83

Yes Hairy. For the first time today, CCC referred to Penumbra FOB costs as "in real 2009 terms". I thought that number was based on the BFS completed in March 2010 but had been led to understand that CCC had adjusted the numbers for inflation. It appears they are not adjusted. I assume its similar for the $61 FOB cost for Dewitt which I think is based on pre feasibility from 2009. So costs from those mines are probably substantially higher than I thought.

Perhaps Penumbra costs will start out lower as open cast but with the mine only 6 months away from producing (in theory), it strikes me as unreasonable that investors are left to rely on old life of mine numbers with no other guidance.

I also didn't like the lack of detail on the financing. They say they are open with investors but investors just get spin really. These things following on from the failure to provide any financial information or guidance at the quarterly, mean I've again lost confidence in CCC.