>>23076079>>23076085>Sustaining capital is smoothed out when you have 10 minesThat's debatable. Sometimes you get more sustaining capital spend in a year than in other years. Each of those mines has its own mine plan with variable sustaining capital guidance. Over the long run things do smooth out but there will still be variance on a quarterly and annual basis. Stripping out the sustaining capital spend helps in understanding the margins better.
>Depreciation isn't part of AISC.I know, but that doesn't seem to bother Newmont since they seem to like including that? See pic related.
>Also costs are not going down with AISC going up 25%You can look at this 2024 figure yourself, take the out the non-core mines out of the "costs applicable to sales" and witness an improvement in production costs. True, AISC includes a bit more than just sustaining capex, but sustaining capex accounts for the lion's share of the added costs in AISC.
