Chuk,
They are guiding cash costs of US$400-450 for 2H15 compared to US$418/oz for FY13 and US$382/oz for 1Q15. That still looks pretty good to me.
They clearly still have lots of work to do in order to get mine throughput getting anywhere near plant capacity so being conservative over cash costs sounds perfectly reasonable. Unit costs per oz can only fall dramatically once production at the mine is sorted out. This expansion was planned to get production up to c. 200koz pa - well clearly they still have an awful long way to go before 50koz/qtr is approached. It looks like they may reach the 30koz/qtr rate by the end of FY15 given this latest guidance. We will see.
CPDLC
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