copper now $1.23c/lb($2,700+)/t, page-29

re: my calculations for anvil I don't agree,

What you are interested in is:
1) the total costs of mining, concentrate production, transportation, smelting, financing and sale
2) the price received for the goods.

What is left is EBITDA profit. Thats the earning potential of the mine.

At the moment AVL doesn't pay the T therefore doesn't have to worry about the DA.

Depreciation and Amortisation is ONLY beneficial for reducing taxes. It does not refer to cash outflow. It does NOT reduce cash in the bank and therefor earnings. In terms of calculating a companies earning potential it is meaningless.

How that earned cash is then spent is discretionary. You'd be wrong to conclude that a company that earned $3 million but spent $5 million in development was a company that was making a loss of $2 million.

What is important is earnings. What we have presented is factual.