Ann: Anglo American Agreement, page-31

Thanks for that Stephen

I have read the Rodney Hooper report before and it has some useful information. Having said that these are not company numbers so they should betaken with a grain of salt.

In terms of OPEX of $110 USD (which is really very high!) it might be worth noting he assumes $15 for mining and the remainder of a whopping $95USD is transport!!

I honestly don't see how that makes sense. For instance I own CAP and Australian mining company who have to truck and rail their IO concentrate a similar distance to port and then ship from South Australia to China which might be a little closer then California but not a huge difference.

According to their 2017 PFS their CFR China cost is just 48USD per ton. That includes mining, processing to concentrate, truck to the train, train port, port storage and handling and shipping to China.

So unless trucking and train freight + shipping form the USA are all way more expensive it doesn't really add up.