What's with cannot be commercialised?
They've got a seven year reserve at 126kozpa and a $400 margin, so it takes a bit longer to pay off, but it generates $52M cash operating surplus each year over 7 years just on the reserve tonnes.
You include the Resources and you have another 25 years at 2Mtpa.
I get a IRR of 16% on ten years with $132.5M capex plus $4M annual sustaining capital including royalties with $80M borrowings.
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