The problem is that a lot of the newer projects are lower quality in terms of scale, grade, metallurgy compared to deposits that were discovered 20 years ago.
It's entirely possible for a higher quality project to have a good AISC that is below majors etc. African projects tend to have better grade, be close to surface and with pretty good metallurgy.
Perseus' Yaoure would be a good example in recent years. AISC in feasibility (~2019) was US$734/oz in the first five years. It's been within 5-10% of that for the first three years despite the cost for the rest of the industry being ~25% up (my estimate), although creeping up more now.
The problem is that a lot of the newer projects are lower...
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