some company value calculations, page-59

BB

Can't agree with much of that sorry - and I have plenty of specific experience.

You state:

"Using C1 or C2 would again be incorrectly understating and leaving out certain expenses."

It all depends on the purpose of your analysis - if the intent is to compare apples with apples then maybe, but the reality is that C3 costs are rarely used by analysts in the industry (though the costs are and should be accounted for elsewhere).

Reality is most mining companies prefer to spruik the C1 number - after all it is a true cash cost.