Possibly more to do with the optimisation of the process.
they are using SO2 gas as a reductant. SO2 is carbon intensive to produce (from burning coal or oil) so i guess e25 is trying to minimise its use in the patented process.
reality is that even without optimisation, given 93% capture rate of Manganese in the process, the PFS will be a scorcher from economical viewpoint.
the unknown is in the size of the modules, I think. Whether go start with 50 kta, 100 kta, or 200 kta. Which should be similar value in $M, i.e. $50M, $100M, etc... to build.
My guess would be for 50 kta, keeping the investment low key and leave the potential for modular expansion to whoever comes in to take over this cash cow to realise the massive returns. It will be 100% ROI if not more on every modular expansion, with available raw material for eternity, so we will have people piling up with T/O offers in my view....
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