Now we know how they will keep annual costs down for most years...

Now we know how they will keep annual costs down for most years - they will capitalise the development expenditure so that it is amortised over many years instead of acknowledging the cost as an outlay in the year in which it is incurred. Then they will have a massive impairment charge and tell shareholders its just a once off, and things are really on track. Not all of the impairment charge related capital development, only $187.3m. This is actually great for future years because they will be amortising a much lower amount and hence their reported profits will be higher.

Hip, hip, hooray. It is the accountants way of fooling the market but not all of the market.

Note today's selldown - insiders were getting out ahead of the announcement and have been for some time.

I wonder what young CPDLC will have to say about this report? Well at least after my previous interactions with him he is beginning to see the bigger picture about the hidden total costs.

i would not say MML is a lost cause, just so long as they can increase production to 140-150k ounces pa and reduce actual AISC to below USD900/ounce. I think the gold price has the potential head down there.

Good luck punters. I may buy some shares for a gamble and if I do please do not take that as a sign that I will hang around for any length of time.

loki