From my previous discssions, The idea is to keep that capex low... anything over $1bill dollars and funding becomes significantly harder to finance, let alone pay back.
By starting on a small portion of our resource (currently only 16% of inferred resources) we can achieve a quicker pathway to production without deleterious effect to potential funding and then use free cash flow to expand, rather than seek an excessive Capex/operation now and risk not getting funded at all.
Ann: Positive PFS Results for Razorback Iron Ore Project, page-291
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