99.95% High Purity Manganese, page-57

Locky101 .... call 111 !!

I have been through your numbers. Please check my ones below, which are so conservative, that I have to stop at 5pm to have a cup of tea.

You stated above $2.34/dmtu mining cost, however I was of the idea that E25 cost is actually $4.15/dmtu (or $132/tn 33% ore) for Stage 1.

I am using 65% recovery (Manga X assumption) and Giyani opex (USD 583/tn of HPMSM produced). So worst case scenario, actually rather "end of the world" case scenario to assess bottom line. I know you are assuming ~$100/tn of ROM processed above, so the one I use is ~2 times higher. Giyani flowsheet claims 90% recovery. Their CAPEX is ~USD$150M. Plus they have high cost for electricity and boiler. I guess we can tap into the gas line for the Drier, so cheaper opex and capex.

In summary, this is a pre-tax NPV ~ US$ 2B. (bottom line). Going to to US$ 2.5B plus (if I halve the assumed below opex (in line with reality) and use 80% recovery), i.e. either 1 year payback or yet another 6 months payback period project..... Someone correct me if I am wrong please.....????

Summary of Key Life of Project Parameters	Bottom Line			Realistic
RoM Mined (kt/year)	300			250
Waste Mined (kt/year)	1,071	28%		893	28%
RoM Processed (kt/year)	300			250
Mn Content(kt/year)	99	33%		83	33%
Mn Recovered(kt/year)	64	65%		66	80%
HPMSM Tonnes Produced(kt/year)	201	32%		206	32%
Revenue (USD/t HPMSM)	1,500			1,500
Operating Costs (USD/t HPMSM)	583			292
Operating Profit (USD/t HPMSM)	917			1,209
Operating Profit (USD/year)	184,402,969			249,253,125

But wait, this is modular.... so effectively we can add extra $2B projects whenever the markets needs more HPMSM (every 2 or 3 years).....as there is plenty of ore.....


DYOR!!