Ann: First Drawdown Senior Debt Facility, page-46

Put into perspective all the big capex sub 40% IRR projects will never get funded.

As a resource, Lindi is in the box seat. Management performance to captalise it notwithstanding, the higher risk mine/beautification hybrids, or large tonnage mines (where there's real risk of oversupply) won't even pass the back of the envelope sanity check of funders.

% of something real vs 100% of snowflake's chance in hell. All other mines are just hoping for the high water mark of EV tsunami to sweep them along. That's a few years away.