Proactive Investors Interview with Julian Hanna, page-14

Yeah and this is not codelco. I think if you assume $200m FCF b/tax on the 60ktpa Cu ($1.5/lb margin) then it’s around 13% IRR pre-tax. So either theyre willing to take such low returns (unlikely) or think the Cu price will rise and allow for margins >$1.5/lb.
Shows how bare the cupboards are with suitable projects. Though I think the desal plant representing $0.5bn will be oversized and allow for future expansions at lower capital cost