OK, I missed the fact Tongua reckons they'll be better off...

OK, I missed the fact Tongua reckons they'll be better off shipping the gangue in with the ore, all the way to china.

I've redone my model to account for this via;
Transporting 1.2Mtpa to the coast instead of 0.8Mtpa
Transporting 1.2Mtpa to china instead of 0.8Mtpa
Removing transport for the copper con.

This would, on the above assumptions, increase in-Australia transport 50% (ie; to $2.4M per annum) and the shipping cost 50% (to $14.4M). This adds, all up, $7/t to the costs under the model.

I haven't removed the treatment costs because, well, Tonghua aren't doing this for charity. They are likely to pay IMX for the contained metal value, minus the treament costs (in a similar manner to concentrate treatment TC charges for most sulphide concentrates). So if we assume the above TC's for the concentrate, we'll be on the safe side - odds are the costs will be lower in China thanks to wages.

It isn't particularly different but the added shipping costs will eat into IMX's profits a bit - $7M pa - and leave them with an assumed EPS of between 11c and 22c.

I should now disclose Ibought a small parcel today, thanks Dow Jaones!