Asian Metal RE prices up again, page-25

Maybe easier to view it as OpEx $ per Q.

As production builds from current levels OpEx is expected to be circa $53/55M per Q, all the way to final capacity. At steady state OpEx is expected to reduce back to $50M per Q, and the stretch goal is perhaps below.

CoP/kg will be determined by output, likely 10% or more above "nameplate" 22ktpa, and a function of recoveries, which, particularly with LaCe, will be a function of cost recovery/value add/mkt price.

Even at final input capacity/steady state "design" recovery rates are circa 85%, leaving 15% RE reporting to tails, and opportunity to boost efficiencies/lower unit CoP. Then there is the ongoing task of creating "product", or "designed" inputs from LaCe specific to end user needs, cost efficiently.

Talk of vertical integration elsewhere here, clearly no LRE producer will compete with Nth RE/Baotou without "vertically integrating" into MSC value add, particularly if current prices are anyway representative of the new norm.