Ann: Siana Bankable Feasibility Study , page-11

Councilgritter, when you say your rough calculations come to around 20cps, you are referring to the Base Case of US$800/oz Au on a post tax basis.

At current gold price of around US$935 of course it is higher, likely to be around 28 cps post tax, RED share of 90%, (assume philippine tax rate of 35%, US/A$ exchange of 0.8, gold price of US$935).

If RED go the project finance route they will have to put in gold hedging (whether puts or fwds) that will ensure that the project achieves closer to current gold price cf Base Case.