That's the thing, it's called "expansion" and while technically correct, the first block cave production output occurs in Y7 (5th year of production), so the capex is fairly front end loaded (by Y6, 4th year of production). Block cave is about 60% of the "expansion" costs per their numbers.
So yes, you're correct, the headline number pre-start capex is $1.27B, but read the fine print and it quickly escalates. This is quite a weight on the early economics/pay back period and I think they can do better.
HCH Price at posting:
70.0¢ Sentiment: Buy Disclosure: Held
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