Can someone explain to me how TGS calculates their C1 costs? They seem to do it not on the standard Brook Hunt methodology, like all of their competitors, as they dont calculate on a payable basis.
Based on payable copper sold in the quarter (can't find payable copper produced), I get C1 cash costs of US$1.77 / lb. This puts smack in the middle of the cost curve, not at the bottom like they are stating with $0.61 / lb for the March quarter.
All competitors (PAN, OZL, AOH, HGR, SRQ, ABY etc) use payable copper to calc C1 costs like Brook Hunt says.
Can anyone tell me if I've got something wrong? Or are TGS being very misleading?
TGS Price at posting:
23.0¢ Sentiment: Hold Disclosure: Not Held
