As a final point, you do realise how NPV and IRR work. At current prices, in nominal terms a number of greenfields projects can be marginally cash flow positive, possibly. But throw in the capex in a IRR model and its IRR impact, given the impact of upfront $200 million plus capex, will most likely be essentially well below the discount rate, meaning unviable. It is why spod prices need to be higher because it is a IRR model not a nominal model. I will make no comment around your costs given it is floatation, notwithstanding strip ratios and road costs until the DFS comes out. Looking at MLL market cap, all I will say if MLL was a dead set certainty for mining its market cap would be a lot higher than where it is now at less than $50 million market cap (noting you have done a PFS here btw). Same issue for AVZ as well, and the key matter is demand growth versus supply constraints to allow for new greenfield entrants.
All IMO
MLL Price at posting:
15.5¢ Sentiment: None Disclosure: Not Held
