I'm not sure if this is the way Macquarie calculated their figure of $5,822 but:
If shipped as ore, Macquarie may be assuming 70% recovery for the comparative figure:
- 15,000 unconcentrated is 10,500t of recoverable ore at 70%.
- Now recovery losses have been accounted for, 10,500t concentrating from 1.4% to 6.0% would reduce the volume to 2,450t (at SC6)
- The scaling factor between 15,000t and 2,450t is 6.122
- If you multiply the price received of $951 by 6.122 the answer is $5,822
Banter and general comments, page-15105
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