hi Maxthe costs were my estimate based on discussions i had with...

hi Max

the costs were my estimate based on discussions i had with JL some time ago.

15% spread is due to the "unknowns".

AUD is stronger which impacts the US dollar reported costs.

Based on some old presentations Smokey BFS was working on margin per ounce of US$455 and Kalahari US$440.

Assuming Panton as say cost US$700/$750 then the margin would be US$280 to US$330.

I think they better focusing on SA, where they have a handle on cost.