It's hard to understand why KCN offloaded Challenger in the way...

It's hard to understand why KCN offloaded Challenger in the way that they did but it wasn't due to receivership. They were still very much a going concern in December. KCN were mainly just unlucky in that they agreed to sell the mine immediately before US$ gold price turned.

It would be good if we could get a feel for what impact the reduced tonnes and ounces targets will have on per ounce costs. Total production costs were only US$837/oz (A$1100) for the last 6 months of KCN ownership after generally being more in the ~US$1000/oz range in the last 2 years. If WPG can match this they will be churning out cash.