$1bn capex excluding any power plant - they’ve assumed they can enter into a PPA for a fairly wild power solution in what is the middle of nowhere. They’ve then assumed processing costs of A$14/t ore milled which is reasonably cheap and must assume cheap power. Maybe ARENA help with some funding but I doubt it. 20% IRR, huge capex, bhp still have 2% NSR and contingent payment... no thanks.
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