Ann: Kalman Extended by Shallow Copper-Gold-Molybdenum Hits, page-30

I wish they would stop drilling at Kalman unless they can get some high grade close to surface along that poorly drilled northern portion, the Cu mineralisation is probably marginal grade, and the best Cu grades are at underground mining depths, the addition of Mo and Rh mineralisation just adds exponential costs and technical risk issues to the metallurgy. Ivanhoe discovered a much higher grade Mo Rh ore body at Merlin near Selwyn, and it also has sat in the ground for many years, despite its higher grade and existing underground development, it still does not make money to pull it out of the ground. Kalman seems to need sustained long term astronomical Cu prices to make it economic, and those sort of high copper prices will just switch on a whole lot of cheaper Cu supply from the rest of the world and leave you stranded with a half-built uneconomic specialized Cu Rh Mo sulfide mill.in the middle of nowhere.