Armstrong is all underground as the existing pit is finished - to go deeper would involve a cost prohibitive cutback of hanging wall waste. Cheaper to put a decline in.
I don't see a need for a jv partner. The total capital is estimated at AUD $25 million (from the Scoping Study). Roughly two thirds or $17 million would need to be sunk pre production. If we can toll treat the ore at BHP's nearby processing plant we avoid the huge capital associated with building a plant of our own.
WIN Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
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