What does not stack up about this project? It was profitable at a copper price under 4 and now we're way higher than that, with a long term price easily sustaining.
The reason any small copper project never went ahead unless it was exceptional in such an environment is because the big players would rather do m&a first or wait for higher copper prices to give them more leeway. It ended up being cheaper to just buy projects instead of build and that's slowly going away as copper demand outpaces supply.
Ann: GRE and ANX form copper-focussed Pilbara Base Metal Alliance, page-111
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