I would tend to agree with those figures. Until we get some decent life from zinc prices this project will never see the light of day. Management are just playing for time until the time when they can start talking about mine development.
What's interesting is that all the major steel components like zinc, nickel, met coal are not showing signs of recovery and yet IO is preserving value. What a strange divergence!
ev $1.46 per share !!!, page-53
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