If Sigma only operates at Stage 1, the production is only about half of Goulamina's Stage 1. Let's say their profit magins are the same, Leo's MC at Stage 1 shoud be 60% of Sigma's current MC (US$1.86 b) or US$1.1b (if Africa risk is not considered)?
If Sigma only operates at Stage 1, the production is only about...
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