This is my first time at estimating the value of an ore resource...

This is my first time at estimating the value of an ore resource so bear with me and correct me where I'm wrong.

Gold Price ($AU) = 1600
Cost to mine ($/mt) = 10
Cost to produce ($/oz @ 2.1g/t) = ~800

Mining 16Mt = $M160
Processing 1.08Moz = $M864
Total Costs ~$B1.024

Total Value of 1.08Moz = $B1.728

Profit = $M704

Does that seem fair? I took the processing cost by interpolating historical values for the bronzewing plant, took the open pit mining cost from an online resource ($5.35) but added conservative increase to $10. POG from online resource.

http://www.jktech.com.au/sites/default/files/EstimatingCostsIntheMiningIndustry-June12.pdf
https://en.wikipedia.org/wiki/Bronzewing_Gold_Mine
https://goldprice.org/gold-price-australia.html

Echo tickled my interest close to a year ago at 20c, I'm thankful I didn't buy into it then.
Cheers, I have a purchase order from 17.5c - I'm happy with the story so far.