Thanks for an informative post .
Perhaps the reason they are conservative is what we've seen with a couple of miners getting into trouble with their reserves appearing to be overly generous when it actually comes to mining .
Also the GP volatility .
If it stays high enough for long enough they must surely all do their sums on a higher GP than RMS are using at present ($1650 -$1800)
Ann: Resources and Reserves Statement 2019, page-7
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