Sazba, my expectations for Big C are as follows:• PFS study is...

Sazba, my expectations for Big C are as follows:
• PFS study is due by the end of H12014. The PFS will be for Big C only and select a go forward option. Importantly, the PFS should give a reliable estimation of CAPEX and construction schedules, production etc.
• Once the PFS is complete, OZL will need to make a decision RE the exploration decline. In my view they have no option but to proceed as Big C is the light at the end of the tunnel for OZL shareholders. My understanding is that the decline and associated drilling and stress testing will take around 18 months to complete. These test will coincide with the BFS. So lets say the BFS and a decision to mine will be early 2016. This would also be the most likely time for any JV arrangement to be finalised.
• I would expect a 2-3 year construction timeframe, so that puts first revenue from Big C in 2019. PH will produce strong cashflows in 2015, 2016, 2017 and 2018.
• If Khamsin is proven to be an economic resource, development of this orebody would be subject to a separate PFS / BFS process. As with PH, the plant should be designed to be easily expanded. If Khamsin is proven to be an economic ore body, it will add significant long term value to the Big C project.
I will also say that I would expect the PFS to only consider the upper portion of the orebody, which has an indicated resource of 356 MT at 1%Cu and 0.4 g/t Au. So expect a +20year block cave mine, producing around 150kt/pa CU (on average) at a very low cost. The key number everyone is waiting for is how much will it cost to build and will OZL be able to self-fund it without taking on too much risk.