6 per cent . royalty agreement with monarch :mon, page-21

Why is it uneconomic??

The grade is higher than PMA's.
Within haulage distance to PMA's plant
PMA had no trouble raising funds from Noble, Instos.
It is from surface.
Low stripping ratio
Ferro vanadium prices have gone up.
Include titanium & magnetite credits
Additional 4.2 kms of strike
Open at depth the full 8 kms.

I've listed why it should be not only economic, but highly profitable.

Please show me how you think it is uneconomic with some factual information??