Payback is compelling. Problem is (1) no one in Australia understands PGMs (2) the EV vs ICE debate and therefore smashed price of PGMs (3) massive resource but low grade, albeit with certain high grade starter pit candidates.
Finally, ‘energy pragmatism’ as Larry Fink called it is starting to play out. Looks like Toyota were right - PHEVs are the best solution until charging, range and price of EVs are resolved.
We need non-Russian PGMs for PHEVs, hydrogen and all the air cleaning that is going to continue to be required. There’s a supply deficit building up, just as we are now seeing with Copper. Obvious but it takes time to become real.
My simple model is below with recent PGM prices and a large capex assumption of c.$600m - to get started, this needs to come down - a lot. I’m hopeful that Baxter has a cunning plan.
About bleeding time to solve the big question - can the new leaching methods result in a shippable concentrate and a simple flowsheet with a low risk capex investment?!
Payback is compelling. Problem is (1) no one in Australia...
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