They're writing-off the refurb costs in a separate line on the P&L amounting to $8.5mil for the half year.
The COS line includes around $9mil in non-cash charges being ore stocks used(originally written-off in 2016)
and depreciation) so on that basis there was a cash Gross Profit of around $10mil for the half year.
https://hotcopper.com.au/posts/72322396/single
Actuals v Predictions in my above post dated 9Feb
Ann: Half Yearly Report and Accounts, page-15
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