Are they? Remember: 1) they are aggressively ramping up production, which comes with up-front expenses (stripping/overburden, new staff, new equipment), 2) they built stockpiles at BME but couldn't wash and sell the coal, 3) some expenses may be related to the refurbishments and one-off in nature, 4) production and logistical issues due to rainy season, 5) Bluff is more reliant on third parties (washing, TLO) and Burton will be cheaper logistically. You may want to divide reported cost by ROM production (about 500,000t) and it should be safe to assume there will be scaling benefits as volumes increase and the Burton mines become dominant. Adjusted for these factors... cost/t looks pretty good actually!?
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-22
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