Grade is one component but ease of mining is another. Stripping ratio (ratio of waste to ore) is one of the more commonly quoted factors in reducing mining costs. Companies like Regis (substantial shareholder in CMM) produce at under A$1000/oz with grades of ~1 g/t.
My understanding was that CMM were supposed to have a decent stripping ratio and relatively low costs despite the lower grades. I think it is still too early to tell if that is the case though.
Grade is one component but ease of mining is another. Stripping...
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