Islandar,
Most of your specific points wrt both MCR and WSA I agree with, however in your saying MCR has great grades, you neglect to note that on any measure: intercepts, resources, reserves or ore mined WSA has higher grades. In your saying WSA costs rise the open pit shuts, you neglect to note that the Flying Fox mine has always been underground and has low cash costs. I concede however that it has a high capital cost, but most of this is sunk (as is MCRs, which in addition is already more fully depreciated).
Don't get me wrong, if pon improves significantly then MCR at current sp's will prove much better value, but at current pon WSA is making a profit whereas if MCR is then it is a very marginal one. Plus, despite a great improvement, MCRs are nothing to boast about relative to WSAs.
I am watching MCR again, but not yet buying.
EL
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