Ann: Suspension from Official Quotation, page-88

IMO I don't think the case of IBG can be viewed in the optics of a regular company and calculated using standard metrics.

1) The MC is pretty low as compared to similar companies that went that far (post BFS). The track record of IBG was pretty poor so it got way lower than appropriate.

2) EXIM clearly says the US want that mine built, period. Two experienced guys were hired to oversee the project advancement. It is the first of its kind politically and it is in an area where US and Russia (and China, too) wave their d:cks at each other so US is absolutely not allowed to fail. You cannot get de-risked more than that.

All companies have "hurdles" to tackle before they succeed. What drives the SP is the likelihood of overcoming them. IBG is clearly outside typical frames here.