I found a GENMIN Paydirt Magazine article from August 2019 (page 102 - 103)
https://anyflip.com/tcch/nbpk/basic/101-124
Article includes this:
Azure Capital also recently put forward a conceptual financial development model for Greater Baniaka, indicating $US122 million would be required for an initial 5mtpa operation. A further spend of US$141 million during the third year of production would double capacity to 10mtpa.
Assuming an iron ore price of $US94/t, Greater Baniaka is set to produce 61.3 million dmt at an average of US$43.1/t FOB over an initial eight-year mine life.
It seems this is what Fosters obtained their numbers from for their initial coverage of GEN.
http://www.fostock.com.au/wp-content/uploads/2021/03/GEN-210324..pdf
Ann: Drilling commenced at Baniaka, page-7
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