There are always other factors to consider but our margins should be significantly stronger with higher grades in open pit than their u/g grades and no CIL processing costs. Their expertise with narrow u/g mining offset some of the normal disadvantages of u/g relative to open pit, but the advantages of our grades from surface with open pit are difficult to beat.
They were predominantly u/g in 2012 but were moving towards 2:1 u/g to open pit by 2014. Post merger it will be more like 1:1, however their open pit grades are much lower than ours.
Their initial capex was also low because they got a mill with the acquisition. I don't know how much they spent on refurbishment, etc but I guess start up capex would have been comparable to ours. They have since spent much more on expansions and another plant for Murchison which has used up a good part of their cash flow.
Our expansions of gravity only plant would cost much less leaving our cash to be able to grow much more rapidly.
If we achieve 94-95% recovery (up to 97% in tests), there is no need for a CIL plant. SLR's total recoveries are typically around that level and can be considered good recoveries.
Heap leach operations by comparison average only 70% recovery.
We have so many advantages with this project that dwarf any disadvantages.
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