Back down to 89c ?, page-238

the scoping study, Mets are based on a 4472 ppm 30%mreo.
so we know what it takes to reduce the opex and subsequently flow on to Capex. HOWEVER, does Vmm have enough supply to feed that grade of 20 years (LOM)? If not how long can we sustain an ultra high grade project. The market has clearly behaved by marking down Vmm for the low ultra high grade resource. This is the aspect that needs upgrading. If we can get 100 mt at 4500 feed, the game changes because at basement prices Vmm is profitable with good Npv. If we we follow Mei, we will only be marginally attractive to what we are valued now. The key is the exploration and discovery of the high grade material. Then all other key investment metrics like npv makes Vmm an attractive investment to instos.