Hi all. Sorry I'm asking so many questions at the moment. I promise I'll both dampen down a bit soon and also give back where and when I can.

SBM (gold miner) has recently released a quarterly report where they document their cash operating costs in getting the metal to the market. They're quoting about $646 costs, AFTER deducting $153 in 'costs of sales adjustments'. Without these adjustments, the cash operating costs are $799, which is uncomfortably close to the price of gold.

GoHardHomie has posted the relevant extract at:


Without discussing the relative merits of SBM itself, I was wondering if any of the gurus here know what the 'costs of sales adjustments' might mean in this context? There seems to be lack of consensus in the SBM thread about what this adjustment might refer to.

Should I be supposing (as I am - being a pessimist) that the actual cash costs are $799 and that the deduction is financial tomfoolery, designed to draw unsuspecting moths like myself towards a slightly fudged flame?