I will also throw another thought in there. If Tony has been talking to the potential JV partners and has already provided his intention to have the JV partner finance the capital cost of the project then why not beef this up as much as possible so that after the contracted agreement expires and Stage 2 comes on line no (or very little) additional capital is required (maybe there was more in this phrase than we initially understood).
If the plant is to be sized to process 17 Mtpa of 28% feed from the start then imagine what it will produce on 35 - 40% feed. Pre-concentrate Fe fines product tonnage flies out the end of the plant (money for jam). Yes Tony could have selectively mined the higher grade materials and started with a smaller plant (with a future upgrade) but if people are lining up to pay why not set yourself up for the long term. We all know it is better to design and construct things once rather than by piecemeal.
And if the PFS is the basis for the negotiations with the JTC then you need to make sure the numbers have all contingencies covered.
Tony has always maintained his support for the longer term shareholders. I think that there is a lot more background to the numbers and decision making than Tony is allowed to reveal.
Yes it was a hard day yesterday but I still hold, and will pick up some more today (excellent entry price).
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