hi cost producers gain more from increase pric, page-18

A good point is raised.

however specifically looking at TMR and its particular circumstances ..

1. The thing about TMR is its production costs which were high, due to processing third party ore, will now come down dramatically.
It clearly costs less to process your own ore.

2. At the same time its production is ramping up.

3. It'll also be benefiting from accessing higher grade ore.

So this is a perfect storm of good fortune that will end up delivering a big jump in profits for TMR - a much better profit result going forward.

also if you take into acoount point 1 and 3 above - yes TMR was a high cost producer (which was treating a percentage of third party ore)- but in reality is clearly a low cost producer.

I guess the point I'm finally making is ..
Dont look at 2008 - look at the costs heading forward and then compare TMR with other copper producers.