The strip ratio for FY 19 was about 6.6. The forecast looks like a strip ratio of about 6.1 for FY20, and 6.7x for FY21. They say in the two proxies for the AISC outlook are strip ratio and grade.
Should we assume that the strip ratio is much lower for underground ore, as part of graph 2 then it appears the AISC for the open pits (i.e excluding Rosemont) will be trending quite a bit higher. It reads to me like grades will be lower (I assume in comparison to open cut) at Rosemont until mid FY21 or so.
I noticed goldman sachs (in 10/7/19 report) was expecting FY20 production of 375 koz at AISC 1035. At the midpoint of guidance, earnings (based on aisc) would be about $60m lower than with GS numbers.
RRL Price at posting:
$6.49 Sentiment: Sell Disclosure: Held
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