Ann: Operations and Corporate Update , page-18

Nup.

If and when CCU gets round to lead production, the net profit (ie lead revenue after lead production expenditure) can either be classified as its own line item or subtracted from the cost of silver production.

Back in 2010, CCU implied that lead revenue would be subtracted from the silver production cost.

Based on the 2010 figures, lead production would have the effect of reducing the cost of silver production by $3.80/oz.

I think Jantimot was politely making the point that those figures came from back in 2010 dreamland .... when CCU thought it could produce silver at $10.20/oz. 2013 reality is that if and when CCU gets production to 200koz/month, it will be costing around $20/oz to produce, so lead credit forecasts should be taken with a grain (oz?) of salt ...

PS: re-hashed the figures and still can't see how CCU gets past 31-Dec without either:

a. Re-negotiating debt repayment terms with CBA; and / or

b. Further extending loan with Magna in order satisfy CBA demands.