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Maxw
20% magnetite, at $100/tonne is $20/tonne dirt. If you are saying that mining and processing costs will be 25% of in-ground value, you are saying that you think the magnetite ore can be mined and processed for $5/tonne.

Do you have a basis for that claim... do you know of any small-scale magnetite mines that can produce that cheap? Bear in mind that I am assuming 100% recoveries too. Actual recoveries in a magnetite plant would be somewhat lower than that, probably closer to 85%.

For example... the EHM magnetite plant (the one that didn't make money) was set to produce a peak of 1.2Mt of magnetite concentrate extracted from the tailings of a 6Mtpa operation that had a head grade of 23% magnetite. Running the numbers on that... you have recoveries of about 87%.

Now the EHM magnetite operation had significant advantages over the proposed CDU operation:

-higher grade
-cheaper processing costs due to larger mill capacity/throughput

..but most importantly...

- it was a byproduct from tails. All of the magnetite was processed from ore that had already been crushed and ground to extract copper.

CDU is proposing to crush and grind waste to extract magnetite from material with a lower grade than the EHM material. Aside from blind optimism from devoted shareholders, what do you see as the key advantage that CDU's magnetite operation holds over EHM's failed operation?