My reading is they can't get a partner to provide capital for the marginal Ban Phuc disseminated orebody. So they are in the fall back position of running the existing concentrator on the MSV resource getting some cashflow to then build "staged refinery".
Basicly the bleeding obvious development path, which does not have ideal tax implications both with selling intermediate products and the 10year tax concessions on offer for new projects.
Looking foward to been wrong.
Ann: Ta Khoa Project Development Update, page-99
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