pre-ponderedwhen talking bml long last april/may i said i...

pre-pondered

when talking bml long last april/may i said i expected some serious capex inflation - but I expect that to be more than offset by higher silver price. should come through in lead also - but silver is the purer inflation sensitive

what i didnt anticipate is the stretch on capex delivery items this early in the cycle - which makes developer finance risk higher

that will kickstart the margin protection pre-pricing inflation cycle by consultants, capex item manufacturers basically right from the start of cycle instead of from mid cycle

thats why project creep now becomes highly dangerous to real world mining returns

but - always keep in mind - ALL pre-producers face it

what investors should watch for are the management teams smart enough to anticipate and mitigate

same way as the selection of business study long run avg price receiveds is an indication of exec quality - balancing financial prudence vs cyclical optimisation