The substantial development costs are never stated .. and I'm guessing they are well north of $1,000/oz... at whatever production rate CTO gets to.
Even if total cash costs do come down to $500/oz (at the higher production rates) - it'll still means production costs of around $800/oz... then if you add the development costs (north of $1,000/oz) total costs may only come down to around $2,000/oz at the highest production rates.
The narrow veins and dilution levels are a killer and Development costs are never stated in the presentations - but you can work them out from the quarterly reports.
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