Selection of metal prices to use during studies is always fraught with danger, particularly when prices have deviated from long term norms. I wouldn't get hung up on the numbers used so long as you know what they are. Copper is a classic example here where the number used is very likely to be conservative for the first years of operation.
I still have a problem with including magnetite and cobalt in the equation as the realisation costs for these will negate much of the value.
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30.3 mt @ 1.70% cueq, page-69
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