Just looked at the SS CHN released yesterday - bit of a shocker - very very optimistic assumptions - metals prices like 20%+ more than spot prices and a valuation discount rate of 6.5% when they should be using at least 9% with the 10 year bond rate exceeding 4%. The stated IRR was 26% but using realistic assumptions it would be less than 10% probably much less than 10%. The SS optimistic assumptions reflect poorly on management and the board.
No wonder the SP tanked today by around 28% at its low.
While ASO has a lower grade it will most likely have much simpler processing and hence lower cost. CHN have something like 6 metals which makes processing much more complex and expensive ( both capital and processing).
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