sep quarter aisc $100 below fy14 guidance, page-3

for those who want an unbiased view on their production result ....below is what Macquarie published today in a new note on NCM..

"Strong quarterly production. Production for the September Quarter was 586 koz of gold, down 10% QoQ but 15% above our forecast (Macq: 509 kt), copper output of 19.6 kt was 3% ahead of our forecasts (Macq: 19.0 kt). Cash costs of A$784/oz are in line with forecasts (Macq: A$785/oz) but higher than
FY13 (A$750/oz), while all in sustaining costs for the quarter were A$1,101/oz down from FY13 A$1,283/oz."

Price catalyst
? 12-month price target: A$12.70 based on a Forward Curve DCF methodology.
? Catalyst: 1QFY14 quarterly report, 17 October.