This is really an over simplistic evaluation of potential...

This is really an over simplistic evaluation of potential profitability. A glaring issue is you are using commodity prices today at the bottom of the cycle, yet using these prices for life of mine. Even if you include the only factored in growth in prices based on 2.5% inflation there is already a massive hole in your argument. you are also using capital costings and ROI based on pfs figures which have already been improved based on lowering interest rates, higher start up grades and refined processing capability. The beauty of this project is the ability to turn a profit and remain viable at the bottom of the price cycle.

The other glaring issue is the argument of demand. Despite all evidence pointing to a rise in demand with a turn back to hybrid vehicles, let’s assume that this is not the case for the sake of your argument. The fact that demand will dry up will mean the suppliers in the bottom 2 quartiles will lose profitability (as already being witnessed at current low prices). This leads to a draw down on resource availability. Placing upward pressure on price over time.

Another thing you fail to address is your numbers are only based on current figures. The resource is not defined in all directions meaning we know there is more money on the claim than is being stated. I believe the best part is profitability of this this resource (that is still growing) at the bottom of the cycles, with massive potential upside.

all my opinion and not advice.