The $45M in inventory adjustments due to the roaster shut down...

The $45M in inventory adjustments due to the roaster shut down has stopped me from re-entering. I don't believe the roaster shut down can create the need for an inventory adjustment - and a significant $45M at that - this is just misdirection. Ore doesn't have a shelf life, in recent years RSG has been living off stock-piled ore from years ago. It can only relate to the mining operation, it has nothing to do with the roaster. The mining cost is allocated to the ore and sits with the ore on the ROM pad until it is processed, it only needs adjusting if this cost has been excessively high. Therefore the write-off is due to the inefficient mining process NOT the roaster. The slower mining rate has resulted in the fixed MINING cost base being allocated across a significantly lower ore volume. Hence the need for a write-off.

The write-off amounts will distort the AISC rates over the next two qtrs and with the combining of the Oxide and Sulphide for reporting purposes there will not be a clear picture. Probably the most significant message is that RSG is still a long way from sorting out the mining process.