post end of year scenario, page-26

The outcome of the Jack Hills feasibility study was that it was not feasible and did not return a positive NPV.

Why do you say that? From the July announcement:

"The JHEP feasibility study has indicated the technical and commercial viability of undertaking the project, subject to the confirmation of the terms of access to infrastructure."

JHEP has a positive NPV, although a small one given the size of the project. It's Weld Range that couldn't get a positive NPV from OPR tarriffs, which is why Sino walked.

They just couldn't fully sign off on the JHEP feasibility study because the OPR tarriffs hadn't been finalised.

The problem for both JHEP and OPR is that they are so capital-intensive that a company like Murchison has no chance of funding them. Even Mitsu is blanching at the figure, hence the comment about getting a customer involved as a partner (read: POSCO).

I'm fully out of MMX now, anyway. I figure if the company's fortunes turn, I will have plenty of notice to get back in.