Ann: BSOPP Feasibility Study Complete - New 120ktpa Base Case, page-84

Well not a pleasant day for holders here.
It certainly seems price action of late has been controlled by some who knew this was coming.

While I do see the business case for this making sense, being well thought out and likely for the long term benefit of the company my thoughts certainly mirror many others posted before me.

The capex:throughput ratio is far from being attractive
The timing of this adds a lot of risk, at a time where we had just reached a period of low risk
Despite being a feasibility study, it's clear the company long ago had already decided to take this path.
It looks to me as though perhaps K&S are the ones pushing for this - this move may be more in their interests than holders for the short/medium term. Agreement with them already signed, they're stumping up some cash... feels like we are fulfilling their wishes for their benefit.

Disheartened to see the list of works required, some shortsighted decisions are showing themselves;
Power station, raw water feed were obviously built with no extra capacity where they should have been designed accommodatingly.
Can understand the ponds were designed for 90ktpa however disappointed to see there was zero room for error/ability to extract 20% more out of them without requiring an entire new train.

Considering the capex, I would have preferred the 100ktpa de-bottlenecking, prove the plant can produce at a steady rate, prove the sector to the market and bring confidence to the project/S.P, test how much the existing ponds can actually produce (perhaps they could accommodate more as is), and use profits to fund the C.R part of the 120 expansion or perhaps even package it into stage 2 target.