project npv aud832 million, page-4

While I take your point that 10 years is a poor payback and with capex at 640m vs npv at 840m you would think this would not proceed, however, you must take note that it doesn’t include the UG2 reef.

This is the game changer and whether further study needs to be completed to build this in, im not sure, depends on who the JV partners are.
If anglo/arm are IN, then it will still definitely go ahead, they will bring UG2 into it and the 10 year payback is reduced and NPV sky rockets, simple.