Ann: Investment in First Tin Plc, page-33

Tin is a high-value product if you have something say 20-30% Cu & Sn (+ S & rubbish) that would otherwise be going to waste, I think a deal could be done to transport and treat it. It will depend on the economic balance you strike on how upgraded you want it to be. I see they want to use spials- gravity sep. That is easily enough to set and take-off a middling fraction.

As it is, we're going to be up for re-treating lower-grade tailings through Rentails. In a normal smelter say Zn or Pb, where the slag comes out rich in Cu & Sn they grind and retreat that to recover it (we won't have the energy-intensive grinding process). The fact that sulphur comes with it helps pay for the heat of the pyromet process.

They can do the test work. We only do it if the IRR is spectacular say>30% p.a. Anyway we want the whole lot to really underpin the build of Rentails before we build the fumer. (A bit like we did for pre-concentration and other upgrades last year).

All IMVHO.