Costs are probably higher than many were expecting but any...

Costs are probably higher than many were expecting but any comparison with the LD PFS (for example) ignores the high inflation over the last 5 years.

Also talk of 40 months including feasibility etc will disappoint some longstanding holders. Yet more time.

It’s clear why the Carnarvon project is located where it is. Satellites images show that the Dampier Salt ponds are at the southern end of LM. Also gypsum is produced at LM.

Dampier salt is a Rio venture with two partners so potentially a number of potential JV partners beyond a JV with Dampier Salt.


Rod Della Vedova’s long relationship with Dampier Salt and the chosen site for this project suggests talks are underway with a partner.

This needs some momentum now.