The biggest factor in STA's numbers is whether or not Rio abandons Zulti-south. The project works when min sands prices are high like get are now (zircon @ +US$1,500/tn) but less so at the long term average price seen during 2013 - 2017 (ie zircon @ US$1,000/tn). It's not always an easy market to get pricing visibility on.
Ann: Coburn Project Final Investment Decision Approved, page-58
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