debt before dilution, page-53

Myself and Jantimot differ with what the Rocklands project will cost, I believe its just about paid for with the total project a tad over $300 million he believes that's only the cost of the MPP.

If you go look at Altona's little Eva project that had a DFS conducted last year you will see that it has a total project cost of $320 million and the MPP has a cost of $180. This is for a 7mtpa plant plus they have to pre strip 21mt at a cost of $20 million before they get to the ore. We are already at the ore with a plant half the size, we have extra circuit's accede for the native copper and iron but it won't cost $300 million.

Fortunately for Altoona because they completed a study they also converted some of their resources to reserve's for 32.5mt @ .69% our measured and indicated is 30.2 @ .94%. They only conducted 66 000 metres of drilling we have conducted 306 000 metres of drilling so who's resource would you have the most confidence in? Also flew in and out of the Curry this week and got a good view of Ernest Henry, wrong side of the plane to see rocklands. Mate is an underground shift boss and talked about grades, their cut off grade is .6% cu and our cut off is .8% CuCoAu @ 1.62% for that 30mt.

I read the other thread about $14 million dollars road trains, lol, you can't compare rocklands and Sandfire, sandfire's grade is exceptional but did you know that those B triples that can carry 90 tonne from degrussa to headland travel 784 km from the mine to the port which happens to be they exact distance from Cloncurry to Townsvillle.I have travelled both roads and the Queensland road is the better of the two.

So Sandford transport there concentrate via road at a profit, we would like rail and port operations that are more economical but don't need them. Cudeco have already spoken to Ostojic's (I have spoken to Stefan numerous times on another job) and they can use their railout operations for containers plus the Ernest magnetite is no longer being transported and they only need the flat land they have leased at Townsville port for the containers not bulk storage or ship loaders