That would be a wrong assumption, I think its great to see the...

That would be a wrong assumption, I think its great to see the project progressing.
I've provided a link to a PFS in the same jurisdiction that was released last year.
The Base Case scenario was 8.6Mtpa with an after-tax NPV of $416m USD at 9.6% IRR.
Not exactly compelling numbers.

A good forum is to be able to have a good discussion with opposing views.
The company hasn't even publicly stated what volumes it plans to target for the feasibility studies.
It hasn't even released the recent scoping study to market but has marked that milestone as achieved.

This isn't a simple DSO operation, its complex and requires massive volumes to be feasible.
Vale has provided funding for the PFS. They have structured it in a way where if they do proceed there is a pathway for 100% ownership.
However, they can also exit very early if they don't like it.

What would an exit after phase 1 do for the share price of CLE?
What would a PFS for 8Mtpa do for the share price?
You could argue that Iron Bear operations would operate above CIA costs due to additional distance from mine to port.

Or does just thinking Vale are going to do 100Mtpa and build one of the worlds largest mines on a difficult concentrate warrant the investment?
Only have to look at FMGs Iron Bridge and all the issues they have had.

I do see potential in the project, but need to see some actual studies to work out a target valuation.
The company is still publishing operational costs from 2013. What is your target price and how are you working that out?
What tonnage, what operating costs?