C3 and AISC are not GAAP defined terms. As I understand it various miners will use similar inputs but there are some variances. But from recent presentations:
EVN: [Defining ASIC] includes C1 cash cost plus royalty expense, sustaining capital expense, general corporate expenses and administration
EVN [defining C3]: Includes C1 cash costs, depreciation, amortisation, royalties and other expenses
As you can see it still leaves some room for interpretation but much better than the meaningless C1 costs. I don't think miners did themselves any favour showing C1 costs as previously it just made them a target for tax gouging as it made them look more profitable than they really were.
These costs are obviously variable based upon production targets being hit and will move around based on that. This is because the fixed costs are allocated across the total oz produced and costs will increase per oz with less oz and reduce with more oz produced vs. budget.
Cheers John
BDR Price at posting:
57.0¢ Sentiment: None Disclosure: Held
