New Broker Research, page-126

Separate plants, possibly at different locations.

Stage 1.5 is held together with duct tape and slapped together in a hurry to maximise profits while the price is high. 100% run by subcontractors and no proper bulk handling equipment, all trucks and loaders. These set ups tend to have higher unit costs but are quick to set up and flexible to ramp up / ramp down.

Stage 2 would be the longer term, lower logistical cost build out of facilities. Longer return period but lower processing and bulk handling costs amortised over the length of the asset life.

They wont likely run both at the same time as they will struggle to rail and ship that much ore in the short term.