confirmation, page-55

I don't need to read a report. The fact that you're taking taxes and corporate overheads to derive CASH COSTS tells me all I need to know about your claims of having 37 years of accounting/investing experience.

Here's a very simple explanation for you. I recommend you get familiar with it if you want to continue to try and convince people that you know more than you really do.

http://moneyterms.co.uk/cash_cost_mining/

Cash costs, in mining, are the costs of production, at site level, per unit of output.

Cash costs include operational cash costs at site level. This:

includes transport, refining and administration costs and royalties
excludes non-cash costs such as depreciation and amortisation
excludes costs not at site level (such as head office costs).

The value of the by-products is deducted from the final cash cost of the metal. For example, if a copper mine produces gold as a by-product, then the value of the gold produced will be deducted from the cash cost of the copper. This is the usual accounting treatment for by-products in most industries.