The MD has explained many of times that Nifty is breakeven at 20,000tpa copper. It has a high fixed cost base - labour being the largest. If they can’t get the tonnes- due to slow mining rates and grade dilution - their $/t will be over the price of copper.
They only did around 16,700t for the year - their production issues have been well documented. Theoretically they can do 40,000tpa based on throughput of 2.5mtpa, grade of 1.75% (JORC reserve grade) and recoveries at 92%.... whether they can get to this number or not will be the #1 driver behind earnings and SP performance (price of Cu could be the only exception).. all IMO
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