The mine plan can be revised to target high grade / low strip...

The mine plan can be revised to target high grade / low strip blocks of ore. In the short term this improves margins and drives down costs. But like anything in life, there is no such thing as a free lunch.
Pursuing such a strategy leaves less desirable ore in the ground, diminishing reserves.

Longer term, if the price doesn't recover, then the strategy is doomed because all that is left is lower grade / higher strip blocks or ore. It really is a do or die proposition.

The other hidden cost of aggressive cost cutting is that exploration, geo work, then in the end sustaining capital projects are cut. Again, this makes things look better on paper, but the downside is lack of growth options, increasing haul leads to crushers, which will overtake the early benefits and end up costing more than a more balanced spend.

These competing interests form the basis of endless arguments between exploration, mine development, mine planning, production, survey, geology dept and engineering!!!!!!