Ann: Primary Crusher Bearing Replacement, page-12

I haven't analysed all your numbers but think the simple answer to the majority of the difference is in the balance sheet..

The costs you are using appear to be the costs that will be charged to the Profit and Loss account.

The actual cash cost for cash flow purposes are quite different because there is an asset in the balance sheet for Pre Strip and Deferred Mining of about $70m. This will be withdrawn from the balance sheet progressively as the mine life which it relates to is extinguished.

It represents a part of the AISC but is cash that was spent not so long ago which was treated as a capital expenditure when it was incurred. With the cut back now complete it will be progressively treated as a revenue expense and the mine progresses and the asset decreases in value.

Having to find that $70m as the cut back progressed when the copper price dropped to $1.90 and there was no passing profit from the low grade ores to fund to fund the cut back was what caused the near death experience and the buying opportunity for those of us who thought management would find a way through, which of course they did.

Bravo Steve and the hedging windfall !