As far as I know it's just the one cycle, assume however that the offtake partners will have done more extensive testing. SYR is another interesting miner, with offtakes in place @ average basket price of US$1000/t and a planned production of 350ktpa at a cost of around US$300/t for flake (US$2300 for spherical and US$3000 for coated spherical). If we run those numbers for the Hazer process (which you would base in the US), it paints an interesting picture.
HZR Price at posting:
56.5¢ Sentiment: Buy Disclosure: Held
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