That would put BSM in the top percentile IMO.
With KBL, work backwards from their metal output forecasts - 5,400t Cu, 1,500oz Au and some silver. Say, $40m of revenue. Divide it by tonnage of 290,000t and you get $137/t of revenue per tonne. For KBL to be costing $162/t at a C1 level, they'd be losing a tonne of money.
Industry standards are closer to $100/t for a small mine and $60/t for a medium sized mine.
Ann: Placement of 8.8 million shares , page-31
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