Thanks for the comparison, I think you should spend a bit more time looking into Akora to understand the opportunity that company has. Once you understand the full scope of the project you might have a different view on the company.
The Scoping Study that was actually provided to market is based on a fraction of the resource, it's just the initial DSO. The company has done small drilling campaigns to conserve funds to avoid excessive dilution. With such a simple and small operation, there is a significant possibility of no additional studies being required. This DSO is just the gateway to a exploration target of 0.5-1Bt which is easily upgradable.
For $50-60m USD Akora can mine 2Mtpa without significantly losing its share in the project. CLE has given up 75% to proceed its studies.
If you were to add just the already inferred 34Mt Green Steel Zone Akora has into its studies it would already be a billion dollar NPV project.
Iron Ore is a logistics business, here is a cost comparison of major iron ore producers.
CLE will cost at minimum the same as CIA. If not more due to the extra logistics.
I go into alot more details about logistics and costs here:
https://hotcopper.com.au/threads/akora%E2%80%99s-logistical-advantage.8420170/Anyway, I still see CLE having potential, but for me I would prefer to maintain majority of the project, not require billions of dollars to get to production, have a very attractive IRR with a much quicker payback period.
