First published by Money Metals here: https://www.moneymetals.com/news/2018/07/20/gold-mining-charts-001580

New information suggests that the cost to produce gold is much higher than what the market realizes. As the cost to produce gold has skyrocketed over the past two decades, the mining industry has hidden certain costs by placing them in their capital expenditures. This has lowered their “Cost of Sales” figures but has significantly increased their capital expenditures.