"operating costs may rise depending on where they are mining "
A very good point, which is often overlooked.
Those with a keen eye will note that variations in Qtrly production costs are indeed influenced by the economics associated with several factors, including:
Total material mined
Total ore mined
Ore processed
When we se a "drop" of say 17% (or a rise of 17% for that matter), it does not automatically mean that is due to variations in efficiency of processing, or some other "improvement" (or inefficiency) that the company has recently achieved / realised.
A significant part of the cost variation, in my view based on the various factors noted above, is essentially as you mentioned Mr Winkle - "where they are mining".
Just imo a very relevant and important consideration to remember when we receive new figures on costs etc.
Cheers
DYOR
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