Very well done. The questions are being answered and this shows...

Very well done. The questions are being answered and this shows that they can all be answered in the positive. The resource is there. It does not have to be found. Enough resource is proven, any more proving is just to say how much. The metallurgy has been proven. It just becomes a logistics project and ultimately an economics exercise. The power is there, the rail is there, the port is there. It is a matter of cost and how soon one can get their money back.
I am thinking payback will be short to average. 2 to 4 years in each size of operation. 100Mtpa is a lot bigger than I anticipated. I will take it.

If you dig deeper you will find that the 212 sellers are but one seller. And they started with more than 750M. This is more political than economics.

There is reliance on the EUR share price rising. There is expectation of a major rise which has not occurred. Monies are being shuffled like a pea shell game. When EUR rises, CLE stops being dependent and is fully cashed up to put this through to getting a JV partner. Getting a JV partner has been pushed to priority.