I think that if one compares the CR9 scoping study and IPT's,...

I think that if one compares the CR9 scoping study and IPT's, it's clear who put more effort in. CR9 hasn't even mentioned the HPA product specs, market position, the size of the market, nothing. Just sloughs 40Ktpa of HPA to who known where for prices that justify the NPV they quote.

The best I can think of for CR9 is the HPA part of their "study" is put in there to demonstrate the absurdity of the business case, to allow them to resile upon the kaoli, which is not bad kaolin.

IPT, well, you don't put in effort into dealing with your material assumptions and known unknowns (thanks Rumsfeld) to this level unless you want to get serious and get serious people looking at it seriously. That might show an observer whether or not the project is plausible.