I think that the company's AISC has taken into account the by-product credits for poly-metal miners. Thus, if one uses gold-equivalent ounces, then the total operating expenses must be used to divide against the GEOs to calculate AISC. Alternatively, the company can use gold ounces and then the total operating expenses is adjusted to take into account the credits earned from other metals to give the AISC.
To my knowledge, most companies use the latter when calculating their AISC. That is why AMI had been operating at below $1 000/oz AISC for the first half of the year when they had higher production volume, because the by-product credits helped in volume and also when the base metal prices were higher.
AMI Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
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