The report is just the full detail of the assumptions and analysis used to come up with the new resource previously reported. The release of this report is optional on the ASX but I think is mandatory on the TSX. It’s a good read for the technical orientated shareholder. Few typos but of standout interest to me is that the optimal pit shell used for reporting the resources is 940 m deep. That is a massive pit and this is why there is very little underground resource - it’s all in the pit at depth. The bulk of this resource is unlikely to ever convert to reserves at currently reasonable copper prices. If copper prices go well north of $4/lb, maybe. Option value perhaps. What is more realistic is the 50m odd tonnes at 0.6 % cut off and the scoping study is looking at this. The oxide cap might help here as well albeit there are mining and flowsheet complications that need to be worked through. Looking forward to this. I am not supprised this is delayed until the NY.
XAM Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
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