it maybe to gry's advantage that they had not started...

it maybe to gry's advantage that they had not started construction and mining in such an environment and be at an all in cost of industry average of $1200 - because they would now be stuck there with little flexibility and if POG is/was to continue on its downward path and stay lowish - for some time they could have easily gone out backwards because of the debt needs to be repaid and not being able to reduce costs etc etc.

so they can and should sit tight - slash expenditure further in case POG stays low for an extended period say > 12-18months - conserve that money!!!!!!!!! but at current rates of expenditure they are not thinking entirely in those terms I suspect. IMHO they need to.