Pretty clear to me who’s fronted the capex for the oxygen plant.
Argo’s 20% discount on the NPV(8) is in their view an appropriate discount for lack of JORC resource, reserves etc. An 8% real discount rate used to calculate NPV(8) is an assumption on where the finance will comes from, little to do with the resource endowment.
Pretty clear to me who’s fronted the capex for the oxygen...
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