CLE - Shaping Up To Be The Next Fortescue Metals Group., page-208

I see a lot of wrong assumptions in the original post, here is a link to a released Pre-feasibility Study for the Kamistiatusset (Kami) Iron Ore project. It was released last year by CIA who operate in the same jurisdiction. Its based on 8Mtpa.
https://company-announcements.copyright link/asx/cia/1e8c4153-e249-11ee-b0cc-26a478d59520.pdf

I would strongly recommend anyone interested in CLE to read this study to get a realistic expectation.
I think 20mtpa is the best case PFS scenario simply due to the amount of ore required to move for a 29% head grade resource.
The NPV will be greatly impacted by required ramp up time.

I do acknowledge with scale it will greatly improve, but I don't think its going to be anywhere near what many expect on here.
Its unlikely CLE will be able to fund its CAPEX share and I can't see Vale providing a loan for the CAPEX as a buyout is a better outcome for them.
That's if the project is even economical and they commit the additional funding after phase 1.