mcbutler, page-15

sorry mgbutler

really need to add about $200 per oz for depreciation, then there are financing costs, then there are admin costs, then there are exploration costs, royalties etc etc - and none of these items are included as part of the cash costs of production. the reality, is that sbm is a relatively high cost producer.

if indeed, there is any doubt, on the matter, simply look at the last lot of financials - and the company reports an underlying net loss of $6.6m, for the half year (yes, that is half a year), compared to $5.6m for the same period last year