mal
Whereas MCO (which we both hold)will use airleg and selective mining, CTO will use jumbos , so there is a level of dilution - but we already know that even at current low production levels and using jumbos CTO has demonstrated low operating costs under $500/oz.
and that these costs should head down to around $350/oz once we have scale .. and produce at 100,000 oz/annum (hypothetical at this stage I know).
So CTO will theoretically be lower cost than 80% of gold miners once it fires up - hopefully later this year and next year.
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