MLX have bought nearly 1/4 of 1SN for $5m (hardly here or there at this point).
Taronga has a start up capex of A$76m.
NPV at spot tin is about A$350m.
I haven't been through the PFS in detail but if the numbers are not super loose it seems like a more sensible option than Rentails.
Ann: Investment in First Tin Plc, page-9
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