Shabandri,I think your previous estimate of profits was a little...

Shabandri,

I think your previous estimate of profits was a little bit optimistic.

My reading of the numbers shows:

Cash Costs $417 per ounce
Capital Costs $500 per ounce
Admin of about $7m per annum
Interest Costs $5m per annum
Extra finance facility costs $1.3m one off

Running these numbers through a spreadsheet and using a POG of $1350 I come up with EPS of 4.79c for 2011.

The question seems to be whether the Capital/Other costs includes the admin and interest. The way I read it is that these are not included hence my lower numbers.

How does everyone else see it?