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Gold/Mining/Energy : Copper Fox

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To: explorationguy who wrote (9046)	1/5/2015 3:16:20 AM
From: ElephantAnalytics	2 Recommendations Recommended By explorationguy minder Read Replies (2) of 10654

I think the area to focus on is operating costs. I haven't looked at it extremely closely, but what stands out to me is: 2008: 812 million tonnes to mill 2012: 941 million tonnes to mill 2008: $12.49 operating cost per tonne 2012: $13.60 operating cost per tonne 2008: 4.76 billion pounds of copper, 255.2 million pounds of molybdenum, 4.5 million ounces of gold and 32.5 million ounces of silver. 2012: 4.875 billion pounds of copper, 214.9 million pounds of molybdenum, 4.21 million ounces of gold and 25.1 million ounces of silver. So there's increased operating costs of around $2.7 billion. At the same time, the recovered metal actually seems to have gone down slightly (more copper, less of the higher value other metals). Plus initial capex and sustaining capex went up something like $700 million between two studies. Exchange rate differences probably offset a few hundred million in costs, but basically there was an increase of $3 billion in costs for the same (or less) metal.

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