DFS was done in 2017, capex then was around 900m and didn't include the titanium plant which was put under BOOT component.
basically TNG expect a third party to fund that and just charge them an annual opex. 5 years on from that annoucement the company have never even mentioned one company who are interested in funding the titanium pigment plant! it's significantl! 550m back in 2017 prob equates to 700m in todays climate...
then you Have the capex increase for Mount peake which is now being built in the middle of nowhere and would have had significant inflation since 2017...
I'll be shocked if it's under 2 billion!
watch out for little tricks by management for more BOOT components to make it look like capex has actually gone down but really it's just passing on the funding risk to someone else and not including vital components in its project capex!
I have no idea how they are allowed to state a 870m capex on there presos without a disclaimer stating they are assuming a 550m titanium plant will be built by someone else!
