Why is Kalgoorlie AISC rising? For no other underlying reason than POG is rising. They can currently mine the lower grades at a profit, if POG falls they can go back to mining higher grades at lower AISC.
Why is POGO AISC high? Because they're still spending money on mine optimisation.
Yes, maybe not a low cost producer, but a profitable producer, and due to the decision to mine lower grade ore, will be a profitable producer for longer. That's what's turning Mr. Market on.
Ann: Half Year Results Summary, page-18
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