Note the improving margins over time.
Additionally payback period for the Montepuez project is < 2 years ( production starts 2019 ), so presumably before the end of 2020.
Payback period on the Balama Project is also < 2 years ( production starts 2021 ) with payback analysis supported by a robust sensitivity analysis. See Appendix 3 of the Balama scoping study:
https://newswire.iguana2.com/af5f4d...4293/BAT_Announcement_6A874293.pdf?download=1
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