Wondered the same thing Mackec. Good to be picky!! My approach might be wrong. Below is my logic for you to double-check.
I figured it can't be included because it is being included in the C3 then it should be $97m @12% for one quarter = $2.91m. Divided by 41,500 ounces = $70/ounce.
The difference between C2 and C3 is only $40 (1106 - 1066). As the difference between C2 and C3 is interest, indirect costs and royalties, it seems likely to me that they are not counting the interest costs on the Lehmann debt as being costs for the purposes of C3.
I would be VERY happy if I have got this wrong!
NGF Price at posting:
21.5¢ Sentiment: None Disclosure: Held
