XXXX report interesting when you look at the number of tonnes of copper sold each year, then go to a different page and divide the revenue for copper by the price per tonne and suddenly they are selling a different number of tonnes to what they are producing.
For example in year 2020-21, they have copper revenue as $204.9 and copper price as $7563/t, on my calculator that means they are selling 27,092 tonnes of copper, yet we go to figure 9 and they are selling 15,548 tonnes of copper in concentrate and 4,981 tonnes of copper in ingots so total copper sold is 20,589 tonnes of copper.
Now I don't know about anyone else, but how can they sell 27,092t when working out cashflow but are only selling 20,589 in a different section, both for the same year!!
Can I suggest that the production of the 27,092tonnes of copper for the cashflow number is a little 'out' as with only 215,ooo tonnes-232,000 tonnes in the reserve numbers/resource numbers for all the copper mined in the first 10 years, they are unlikely to get a 135% recovery for copper. Even there own numbers suggest more like 95% recovery and there are quite a few of us that doubt that level.
In fact I don't think I have ever heard of a mine that got 135% recovery from mining. Usually they lose some in the processing and mining, they don't gain it.
Maybe XXXX was using an ex chairs numbers, not the resource or reserve numbers?
Anyone know where the extra copper could have come from??
