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Even free lead costs money (energy, be it electricity, propane, or gas) to melt and cast.
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You are correct. The reason I think we don't figure that cost is because it is so small. I also get all of my lead for free. I have around 1,600 pounds of wheel weights. I can smelt around 1,000 pounds of WW's into ingots with one bottle of propane. That ends up costing around .05 cents per bullet or 20 bulleets for one penny. I didn't figure electricity but imagine the cost isn't much different than the propane.