Making an assumption here, and that is a dangerous thing, but the $29.3 million could be the value of the gold they smelted/refined , less their commission. And this is likely unable to be projected. But the cost of production is likely to be stable - salaries, depreciation, amortisation, rent, etc. Power likely would be the only variable, and that would be insignificant, a rounding error.
Essentially, the more they refine, the greater their profit margin.
That's my two bob's worth.
Interesting about the 23 micron five nine gold wire. That will be at much higher margins.
NMM Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
