KR
My comments aren’t about the quality of the work or quality of management. Neither am I saying this is a bad project, it isn’t.
I’m not a expert in finance but I have questioned whether the use of exchange rates and US Dollars has made the financial analysis look better than it is.
Secondly these guys are (from memory) seeking to be the largest seaborne exporter. I am suggesting that may not be the case and use an argument based on grades.
Most of the peers have shown their assumed abstraction grade. I can find this data readily for RWD, AMN and SO4 and all have used a grade that is lower than their JORC grade, presumably to some allow margin of error and to allow for grade dilution over the life of the project. AMN is less conservative than both RWD & SO4. Perhaps I am barking up the wrong tree but it is noteworthy that RWD has stated that their PFS grade was significantly below the resource grade and suggested there is significant upside.
I hope that makes sense.
Cheers
Add to My Watchlist
What is My Watchlist?
