Yes - and of course when the mine is fully depreciated (ie the...

Yes - and of course when the mine is fully depreciated (ie the loan is fully paid back) then the total cash cost is the same as the total cost. That's what makes chasing a few extra years of reserve extensions at the end of the mine life worthwhile - you can afford the higher operating costs of marginal reserves once the loan is paid back.

You are absolutely right about perpetual management salaries - unfortunately most small miners tend to tread water in the zone where they are making a decent operating profit but only just breaking even below the line. It keeps management gainfully employed but shareholders don't see much if anything.

I would not normally hold CMMC for this reason, but as I said Cloncurry and my copper bullishness make it a leverage play.