Re Mt Marion sale. Capital for 100% 6% product was already spent prior to acquisition. The plant was commissioned in Jan and is ramping up. 2H production guided at 232kt (464ktpa annualised) with 4% spod product accounting for just 15kt of production (down from 26%). Presumably aiming for zero productin of 4% in following half and likely some higher throughput too. So ... Mt Marion sale was based on a true 450ktpa++ SP6 mining operation (not a 380ktpa 'SP5" one).
I would caution anyone drawing a direct comparison here without considering mine level debt and therefore total enterprise value. Not sure what (if any) mine level debt the Mt Marion JV holds, or what debt a Pilgangoora JV would hold.
As a side note, Mt Marion received A$753/wmt for its 4% (off spec) product ... that'd be equivalent to A$1130/wmt of 6%. A surpisingly good price at only a ~15% discount to the 6% CRF price they achieved. Wonder if selling some 4% could be an option for PLS to improve production/yield/cash flow whilst they sort out the throughput/recovery problems?
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