parrot head,Yes, you are correct, I was confusing Total C1 costs...

parrot head,
Yes, you are correct, I was confusing Total C1 costs and total production costs. The exploration cost is included as part of the total production cost. Good pick up.

Ville,
In normal practice, a share buyback increases the eps and therefore the shareprice. So the market cap does not alter. I am not aware of the number of shares ever being an issue for a t/o. the market cap is the driver.

Your second question is interesting. I have thought about it a lot, and I always reach a non conclusion. i.e I can answer the question both ways, with good arguments.

HT1