Corp overheads have one less mine to be apportioned against so it is natural the AISC will go up a little higher than just a simple weighted average of previous guidances of Syama and Mako. The exchange rate has also been jumping all over the place so when the update was issued on the 26/3 the Aussie dollar was a little weaker, Corp overheads are mostly in AUD.
It still seems on the high side though I must admit but hey 430,000 @ (1610-980) = 271m usd or 440m AUD, less hedge loss and we are still looking at 425m AUD gross, which if they pull it off is a $2-$3 stock in no time!!
Market will continue to punish and discount it though for as long as JW polarises investors with his opaqueness. Interesting to see the accounting treatment of that BS prom note and the other 200m from Ravenswood, looks like we sold at a good time after all.
Ann: Sale of Ravenswood Gold Mine Completed, page-35
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