yes because macro factors play no part of the mining cycle? I...

yes because macro factors play no part of the mining cycle? I would bet if you re did the Mount Morgan feasibility study at $2250 gold price you might have a different outcome.

Likewise if zinc price was $1.50 like is was when the feasibility study came out it would be a vastly different outcome. Or TCs not being 35c a pound of your C1s like they are now.

Takeaway for me on all this is never believe the forecasters. No one can predict the future. Even the Zinc bears have got it wrong on timing of surplus coming to market. They are lucky the macro sentiment is in their favor rather than fundamentals.