There is more than just the price of gold to consider . You have...

There is more than just the price of gold to consider . You have to go back to the March quarter of last year to find a normal quarter of production to make comparisons , by October mining costs had got out of hand for GCY , apart from lower throughput I do not know why costs per oz got out of hand but there are several variables involved .

Apart from POG The main other variable is how much GCY pays a contractor to move a BCM of rock.
It looked like they were paying around $15 a BCM , other miners seem to pay around 10 to $12 a BCM , so if GCY was to renegotiate at a lower rate that would mean lower mining costs , current lower diesel costs may mean contractors can sharpen their prices even further
Other variables strip ratio, recovery % and grade reconciliation under call and blending of the ore to be mined would also have to be looked at .
For example If they blend the ore from the high grade never Never then some of the variable costs are reduced for the main Gilbys pit as the costs are averaged out over a higher average grade so makes the main pit more attractive to mine rather than just mining the main pit alone.
Juggling all those variables is the MD , I am assuming he knows what he is doing , but it is a big gamble assuming .