the question everyone has strangely ignored, page-10

Commodore,

In addition to the excellent post by Saracen, the stripping required prior to excavating that DSO may be significant and account for much of that cost. Note that the stripping required to take 10K is likely to be not much less than that for 100K given the pit has to be stepped down at an angle and they are likely taking the upper part of the higher grade zone rather than full thickness.

I'd be pretty happy with $300/tonne cost for a small volume like 10K tonnes. Given all the factors mentioned - likely bodes well for actual higher-volume costs being less then $100/tonne.

It will be very interesting to see what will happen re: a takeoff agreement if forthcoming.

MC of MAC is getting up there near $100m but still somewhat less than they would warrant as a producer - which I would think should be more like $500m so plenty of potential upside.