Keep in mind these numbers are based on 1m tonne production. Management has said initial production for 2022 will be targeted at 1.6M t, ramping up to 2m t in 2023. Also, let's not forget TBar. The crown jewel could add another minimum of 2m tpa and up to 6M tpa. Even based on targets not being met and the absolute worst case scenarios, Cokal is in an enviable position as a low cost producer and money making machine.
The Sounds of Accumulation, page-313
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