SOME MANGANESE CONCENTRATE WORKINGS AND COMMENTS, page-101

I like the short runway to production (if they can fund it in that timeline) and naturally the high IRR.

Prices and margin are the thing to watch as prices have been very erratic since 2016. For the scenarios they provided I calculated gross margins of 23% to 48%. Price and AISC figures for the scenarios are from page 17 of the study.



I think the short payback period is very important for them in the context of the erratic prices.

I've seen ore sorters in operation at a demo at the Tomra facility in Castle Hill (NSW). I'm comfortable with the technology and what it can do. It all comes down to configuring the sorters with right mix of sensors to do the job. Whilst not manganese, Newcrest are able to triple the head grade on low grade gold ore using ore sorting.