Resolute to sell Ravenswood, page-122

Esh,

I have questioned RSG on the Pre-production capital of US$95 million and they refereed me to the July 2018 update where they reconcile the US$95m pre production number in Table 1:

https://www.asx.com.au/asxpdf/20180703/pdf/43w7mvmk0cgy8z.pdf

Looks like they actually spent $116m pre production. I assume the difference was automation or other mine design changes as explained in the DFS update. Unlike others I accept that improving the mine, making it lower cost, and mining an extra million ounces is likely to cost more capital. 

J9