Also remember that TRY will not be paying for the gold...

Also remember that TRY will not be paying for the gold plant.

That knocks down the developments costs somewhat. Admittedly, the plant is still part of the cost structure, but at least it is utilising an asset TRY already owns, which was accorded no value by the market...

The development costs may also reflect TRY's reasonable expectation of strong internal cash flows from existing production. I expect it will all be self-funded.