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Gold/Mining/Energy : Mongolia Gold Resources
MGR 21.45+0.3%Dec 24 12:45 PM EST
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To: Bearcatbob who wrote (3548)5/22/1999 12:00:00 PM
From: Dave R. Webb  Read Replies (1) of 4066
 
One of the problems with reporting operating costs for gold mines is that there are no accepted standards, although there are guidelines which are routinely followed. South African mines fully load their operating costs, whereas some North American operations sometimes exclude taxes, royalties, etc.

I've often said that fully loaded, the first ounce of gold from Bumbat costs $10 million. Subsequent ounces are somewhat less costly to produce. The figures reported by MGR included all costs reported by Bumbat for the months of operation, including office expenses. There was no depreciation or depletion costs figured in, nor were any income taxes deducted (none were due or payable).

Dave
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