Agree with you on the pricing but SMM will remain the benchmark price until LME open up a RE desk.
Recovery and Purity are two mutually exclusive parameters, At 99% I would hate to think what the recovery will be; and that is from Concentrate / magnet waste in a Lab, not from a heap leach.
And if RE's Heap leach is anything like Gold, the higher the stack the longer the leach time and overall recoveries. Also the higher the heap the longer it takes to wash and neutralise, a CAPEX and OPEX cost.
Ann: Mining Licence Approved for Granting at Makuutu, page-80
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