Ann: Revised Shipping Strategy Yields Substantial Cost Reduction, page-158

Woodie round-trip is indeed about 800km. The e25 round trip is, what 1,200km's? So that is 50% further, and trucking costs will therefore be at least 50% greater. At $0.08t/km the Woodie trip is 400*0.08 = $32/t. The e25 trip is gonna be closer to $50/t. Further, Woodie us utilising mostly PBS super-quad road trains (140t capacity) whereas the e25 project has been running triples only (say 100t), so will likely be costing more than the $0.08t/km.

Haulage and shipping costs are the biggest costs - more than mining or processing. Therefore they are fundamental to the economics of the project.

Woodie is not end of life, they have circa 8-10 years mine life left at least, and are currently going through an environmental approvals process to allow that to happen. All those docs are publicly available, including mine life estimates.

On recommencement of operations in 2017 they were processing what is considered low grade ore stockpiles at Woodie (15% Mn) and producing various concentrate products containing 30-40% Mn.

They were processing those ore stockpiles because they were historically considered too low grade to process and had therefore been sitting around for years.

So even the Woodie low grade unwanted ore is higher in grade than e25's 10% ore grade.

Grade is king.