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HangSeng

Agree with your summation of around US$400/ Oz. Perhaps it could even drop to US$200/ Oz at 60,000 oz pa. But I think US$400 is a good starting point.

Important, as you know, to recognise the proximity of the ore to the plant. Short haul for the oversize and stuff already on the ROM: longer for the tails stuff.

ADU by memory also has a very short haul but as you say they are using a very different model and plant.

Have enjoyed the spike in volume today and hope the upward trend can be sustained. On numbers alone it should, but markets a funny beast.

Cheers.