Yes but more than 50% of the open pit reserves at Sanbrado are from oxides which have a low processing cost. Mana on the other hand appears to be heavily weighted (almost solely) toward sulphides. If you look at the detail in Table 21.1 of the Mana Technical report it actually shows oxide processing costs as ~US$13/t. Recoveries for the Mana project average 86% vs 93% for Sanbrado.
So if you build in those two factors then the WAF processing cost doesn’t look that different at all. This just further proves my point that no two operations are identical so you really need to dig into the detail.
WAF valuation, page-18
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