article from minignews.net re:pfs, page-33

It is also important to remember that time 0 on the NPV is actually in 2011. This means that the 11600 is a 2011 price (not a 2007 price as stated in the PFS).

[The Flip side of this is that the NPV is based on 2011 start date, which means that - when it is discounted at 10% to today - it would be around $800 million.]

I read the article on page 59 of yesterday's AFR - it did quote Alistair as saying the Project isn't feasible at current REE prices. As somebody else already stated, this is obvious from the NPV - if you were only making $60 a year for 20 years (ie no escalation of prices), you would never pay off the $750 million CapEx. This is what I believe to be the main reason for the decline in the share price.

The most important thing to take note of - when an issue of data credibility arises - is the independent consultants who oked the report. GHD is (i believe) Australia's largest engineering consultancy firm - I doubt they would stake their reputation on inflated figures.