The PEPR was approved on what, the Phase 1 pit? Does anyone...

The PEPR was approved on what, the Phase 1 pit? Does anyone know?

Phase 2 is significantly bigger:

- tailings dams more than twice as big
- waste dumps probably four times as big
- large, low-grade stockpiles

Are such increases in size covered by the current PEPR?

Where to from today's announcement? Bigger mill?

All of the statements in the release regarding Phase 2 are conditional. In year 5 we could kick off Phase 2 etc etc.

I suppose that effectively says that the ore reserve could be twice as big as the one we issued a while back, albeit with the additional tonnes at a 25% lower grade than the current reserve.

Price goes up, sub-economic and marginal ore becomes somewhat economic, pit gets bigger, strip ratio increases, economic impact muted. Still at US$15,000 per tonne the sums will look pretty good - just got to get the timing right.