Indefatigable, interesting point.
If we wanted to just compare apples with apples, and only calculate the NPV of CAP's project on the resource thus far, then the project would have 13yrs of production from it's current ISC.
Hawsons is starting out at 6MTpa for 3 years, and then 20MTpa from there after.
I did up a spreadsheet on CAP's thread a few weeks ago breaking down the PV of each year of production, but if were to only include up to year 13, then the NPV would be $1.74B, which is still higher than IRD's $1.1B.
As I said above though, both projects will grow a fair bit from here on in.
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