Took a while to digest the Q report, although I'm disappointed but we need to be mindful and understand the why and how this issue can be mitigated. I encourage folks to review PLS announcement "Plant Performance Update" dated 14/11/2019. The update talks about lithium recovery initiative since start of operation back in July/August 2018. For the record PLS achieved 65% - 71% recovery in November 2019 (ie after 1 year of production) after completing key plant modifications (noted below). PLS released lithium recovery actual vs plan vs DFS in Dec 2018 quarterly. This shows PLS achieved an average of ~50% recovery after 5 months vs CXO ~50% in 3 months.
PLS key modification included;
Most interesting part...
Now back to CXO, the following initiatives are worked on to increase recovery. I take the second one "screen size trials" is similar to PLS first grind size optimisation initiative. The reasons I'm providing this is we have a list of options / solution already from similar peer industry. It took PLS more than 1 year to get recovery at DFS stage. It may take Core a lot less (maybe 6 months) to trial and enhance recovery. I hope our GM is talking to PLS counterparts and using the industry network to his advantage.
End of day we have a list of solutions and once implemented will increase recovery and lower unit operating cost. Once the new rates are demonstrated Core will reset (increase) FY24-25 production and cost guidance back to DFS level. While at the same time we continue to drill to increase our MRE to ~50MT by end of 2023.
Short term pain....but look for long term gain. I'm a LT holder and love T20 game. Hold fellas!
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