Thanks for this. I don’t think the company did themselves any favours in how they reported their cost guidance. To their credit they showed all-in costs including site costs (mining, processing, site G&A), off-site costs (transport, smelter treatment charges, royalties) and then corporate costs (head office and rehab).
Most companies report just site costs.. ie what they control. I would hazard a guess that of the A$350m pa that AMI has guided to over the next 3yrs (opex + sust capex) that maybe $70-$80m of this is offsite costs (transport, smelter charges & royalties). So “site costs” are then $270-$280m pa on 1.1mtpa is A$250/t ore. This compares MAC who are identical costs for similar production rates… and compares favourably against 29M, A1M, AIS et al.
AMI Price at posting:
19.3¢ Sentiment: Buy Disclosure: Held
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