For accuracy, Sigma is capped at $2.5bn AUD. (Not 3.5bn).
Also not sure about the tonnage comparisons you’re using, the market is more than likely just looking at current production and near term plans for expansion. Sigma is 270 with funded plans to be 525ktpa next year some time.
Whats highly questionable to me is that LTR is capped 25% higher than Sigma despite LTR not being fully funded and facing significant ramp up risk, and without anyone having any idea what C1 or AISC to expect.
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