From that recent presentation NM implies capex of $3-4b and only a major would be able to stomach that sort of upfront cost to get a return from a the ore. Hence why I think we prob see a takeover before things get too out of hand for them ie copper price / gold price going up and resource increasing even more. They’ve shown they were prepared to pay a 20% premium for 6.1% so it will be interesting to see how this all plays out.
Current NTA, page-71
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