Day to day discussions on commodity price, page-40

Hey bigal, always good to review all the evidence .....only way to learn.

I wouldn't however read too much into the $63m loss being an indicator for future profitability. They basically had a double whammy from processing costs that shouldnt reoccur in 2020 or at least not to the same extent.

From an operating perspective you get huge processing unit costs per tonne when fine tunnining especially with lower recovery. (inflated cost of sales for H1)

Than those same high unit costs are used to value your stock piles which should normally hit the P&L later on when you sell the product (match costs with revenue). However the auditors compare those inflated C1 cash costs v sale price and make the company expense the difference to the P&L, the double whammy effect!

So providing the processong circuit is starting to operate as designed these 2 annomlies shouldnt reappear in H2, thats not to say H2 wont be tough just wont be anything like H1 especially from a cash perspective.