Yes you are definitely correct, they are one of the higher cost...

Yes you are definitely correct, they are one of the higher cost producers compared to say other smaller operators like Atlas and Mt Gibson, but I thought it was interesting to look at the numbers in light of the huge declines in the US dollar. Since the ore is sold in US dollars, this effectively reduces the operating cost of TTY. I guess that fuel is one of their biggest expenses too and this has also fallen drastically. Shipping cost have also taken a big fall. So, from this fairly simplistic view of mine, it looks like territory are in a reasonable position to weather quite a big fall in the contract price. I'm trying to take some comfort from this, but am more than happy for someone to burst my bubble :-)