Ann: Bankable Feasibility Study Activity Slowed, page-177

Don't forget the initial PFS in 2010 was targetting 20Mtpa, then it was downsized to 10Mtpa during the last downturn before the market lows of 2015 and was the foundation of the 2017 PFS, then re-sized again to 20Mtpa in this bull market for commodities in the push for commodities of scale in the DFS.

Clearly there's a big capex hurdle here. In a bull market its going to be easier to palate. Asset sizing is difficult, but typically its just a capex/opex question over whether payback period (PBP) or total asset value (NPV) is more important to secure financing. In this market, where credit is getting more expensive, PBP is going to get more attention.

They might, dare I say it, have to re-scale production to 10Mtpa but then look at a more modular expansion that can be self-funded from cashflow. Problem then is how to they right-size utlities for that scenario, where things like the slurry pipeline might not be favourable for value at 10Mtpa vs 20Mtpa.

Chicken and egg problem. A big equity funder might get things moving.