Starcy and Discovery, AISC includes capital costs relating to...

Starcy and Discovery,

AISC includes capital costs relating to current operations - Statutory NPAT used for P/E calculations does not.

P/E is not determined by AISC.

Historical P/E and forward looking P/Es are different - historical P/E is now 3.7.

MML's statutory profit "was good" US$25m for H1, however payments for development and exploration were $26m.

At the highest level, explaining why "cash was roughly the same at Dec 14, as the June 14.

P/E is probably not the best way to value a gold miner, hence the determination of AISC - "being on a different basis".

My reading is that at the end of June 2015 there will be more cash held by MML, by about US$2m than 31/12/14.

Let's hope that the development and exploration expenditures bear rewards.