Ann: Epanko Bankable Feasibility Study, page-39

Hi Heeman, I think SYR have achieved their low strip ratio by using a a 2% TGC cut-0ff and are effectively going to stock pile all the low grade stuff for later, not sure how much later as their reserve estimates which are based on 9% TGC provide inventory for > 40yrs. I assume the "value" will only be obtained from the low grade stuff once they process it, so they may be waiting awhile.
From their FS presentation
"

• Mining 2 million tonnes of ore per annum at a very low average strip ratio of 0.04:1 projected over the
  
  life of mine
  
  • − Strip ratio is inclusive of economic low grade ore (> 2% to < 9% TGC) which will be stockpiled for processing in the future
    
    
  • − Approximately 2 million tonnes of low grade (> 2% to < 9% TGC) material will be stockpiled per annum over the first 10 years of operations
    
•  Following completion of open pit mining at Balama West, operations will shift to the pits in Balama East
  
  
•  Sufficient Ore Reserves to support operations for over 40 years of production "
  
  
  Make of that what you will.
  
  The other big factor I suppose is their avg recovery over life of mine 16.2%
  
  Anyway just IMHO and DYOR