Ann: Ardmore Operations Update, page-25

Here is a mine already in production. It mines phosphate rock. The process is simple and the capex requirement is only A$78 m.
It is due to upgrade to800,000 tpa over the next few years. I find that the estimate used in the DFS for the selling price is very low at us$135. With all the world problems and the dire need for food I consider a selling price of us$225/ton a more likely price in the near future. This would change the NPV drastically and value the stock in the region of A$0.66.