Yes Capex is included in NPV calculations I know. I'm talking about profitability factor of the NPV sorry I didn't make that clear. (Post-tax NPV / Capex) 340/597 = 0.57 Post tax NPV isn't high enough for the amount of capital it requires.
You'd earn 585M Pre-tax (higher than the pre tax NPV of the project) just by putting the capex amount in bonds for 14 years so why would this get financed? Unless its done by a producer with cash to burn and a love for copper production.
Ann: Elizabeth Creek Copper-Cobalt Project Positive Scoping Study, page-9
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