US$3.6bn capex to get a US$820m NPV - and that assumes a copper...

US$3.6bn capex to get a US$820m NPV - and that assumes a copper price of US$3.30/lb (currently sub $2.80) and gold at US$1,455/oz (currently around $1,200).

That’s a huge amount of capital for such a little return (just 10% IRR) and I wouldn’t know how HIG would fund their 20% of capex or 15% if the PNG govt take up their option. There’s a lot of other more economical projects out there IMO but PanAust will likely time with end of minelife at their Laos Cu/Au mines (very similar style mines to Frieda)