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curlews

04/05/09 10:46 AM

#13237 RE: cl001 #13235

Cl, the only thing in your analysis that I would question is whether a $500 margin is conservative. They said the LOM cash cost would average slightly lower than $387, but they may have trouble reaching that efficiency in May and June. I would expect higher cash costs for a while as they increase mill capacity and work out bugs in the process.