住友商事株式会社 - Sumitomo Shoji Kabushiki Geisha, page-90

https://www.sepfluor.co.za/wp-content/uploads/2024/03/nokeng-fact-sheet-WS9-25092019.pdf

Another point of reference could be Nokeng's Fluorspar facility - total cost 1.7B Rand in 2018 ~ $95M USD, $140M AUD.
For a production output of 630ktpa peak ROM, 180ktpa acid grade fluorspar, 30ktpa Metspar.
Based on 27% CaF2.

Inflation from 2018 1.9% through to over 6% per year in 2023/2024 - so average at around 4% from 2018 through 2025 we're up around $190M AUD.
A couple of other factors would be labour cost difference South Africa vs Aus (lower in RSA) so rounding to $200M AUD is still my best guess.

Construction began in June 2017 & hot commissioning was completed by end of 2018. So 18 months post breaking ground.

Grades for LOM will be 27% at Nokeng where Speewah is 8.6MT at 22.8%.

If the ROM remains the same at 630ktpa & 22.5% rather than 27% CaF2 Speewah ore would be equivalent numbers per below - noting I've used the lower range $600USD & $700USD


In AUD - comparing apples with apples - noting equivalent plant cost for same throughput of 630,000tpa circa $200M AUD.


Lots of unknowns - no idea whether the facility will produce both Acid Grade & Met Grade fluorpar & if so, what the run rate of each will be - the assumption above is if TIVAN built the same type of facility at Speewah as that which was built at Nokeng.

However, even at the low end of $138M revenue for a circa $200M plant at a low grade of 20% CaF2, the numbers are encouraging.
And at 10% margin this would be impressive for the current company Market Cap - considering there is only production number & realised Acid Grade Fluorspar price upside from there.

Apologies for the clunky numbers, just trying to get a gauge on ballpark CAPEX range for the process plant, what it could potentially produce & roughly what revenue would be.

I think I'll have to have a personal day of leave when the PFS comes out.
Can't imagine sitting next to my boss that day & him finally asking how HotCopper on constant refresh is helping get my day job done.