Well Bingy I don't disagree with you on this point but would add...

Well Bingy I don't disagree with you on this point but would add which is the better option.

(1) Start at a low cost base and suffer a blowout (usually doesn't set the market on fire).
or;
(2) Start at a worst case scenario and surprise the market to the downside on costs over time.

You have to remember that the rubbish they are putting through first is going to turn out to be mighty expensive per ounce and that initial cost is going to take a while to average out to the downside even when they do get around to putting some good stuff through.

I know, not so long ago costs were muted at $600/oz but all will be revealed in time.

BofB