what is the market telling us, page-25

Hiepn2_2005,

At a cash cost per tonne of c. $67/t and a recovery of c. 93% the operational break-even point for MML at $400/oz PoG would be at a grade of around 5.5g/t. (note. expected sustainable grade at the new expanded rate is 8g/t).

So no, I don't think there is much chance of a falling PoG seriously impacting profits.

If PoG fell to even $800/oz most of the world's gold mines would need to either high-grade (if they were able) or more likely shift into care and maintenance!
CPDLC