It doesn't work like that. The recovery is dependent on the type...

It doesn't work like that.

The recovery is dependent on the type of mineralisation (sulphide/laterite) and there is a cut-off grade below which it is no longer economic to extract the minerals (for various reasons, including excessive reagent use). You also need larger tonnages for some deposit types to justify the initial capex (laterite processing benefits greatly from economies of scale).

You also have to look at the accessory minerals in these deposits. Some projects will end up with a lot of nickel, copper, zinc, gold, PGE and/or other credits. You can't just look at a cobalt grade and say "That's a good grade". You need to look at the equivalent of all minerals - 0.1% is a good grade if you have a bunch of other credits, but it may not be if you're only getting cobalt.