The problem ( from memory ) is their ridiculously high CAPEX. Started out at $1.84B and optimisation only halved it. A problem in how the project was designed.
They tried to go too big in terms of annual ounces produced at startup. A long while since I looked at the feasibility study, the history and the specific issues.
In the gold bear market their IRR was only 6.2% and payback 10 years.
https://m.engineeringnews.co.za/art...vengood-economics-with-updated-pfs-2016-09-09
They should have aimed at startup for a smaller annual production. Then grow later.
Ann: Further High-Grade Gold Zones Discovered at Estelle, page-41
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