Hello.I think you will find the "whopping" Carina CAPEX is...

Hello.

I think you will find the "whopping" Carina CAPEX is largely in line with Penco (Ausenco engineers, same as MEI) CAPEX per mtpa feed rate. So MEI capex can be scaled very accurately from these two data points. The 0.7 rule is a tried and true engineering tool to scale CAPEX with mtpa. I think this poster has had a good crack Post #: 74150694, 325m USD for 5 mtpa is my best guess for MEI based on those two studies. I don't know how brokers get 200 or 250m USD for MEI, obviously paid broker reports and trying to fluff up a project that can stand on its own two feet just fine IMO.

Carina appear to have used very lofty LoM price assumptions, ~US$150/kg Nd2O3. This practice of just picking rare earth price input assumption from US$91/kg (ARR) to US$200/kg (IXR) means it is physically painful to try make sense of or compare study outcomes. Even ARU at $450m market cap used a very hefty US$135/kg Nd2O3 LoM price in their updated DFS.. MEI's communication suggests they are going to buck the trend at US$50/kg Nd2O3 which will put the cat amongst the pidgeons!