Not quite there.
The operating expenditure is based upon a unit throughput rate, ie., per tonne of ore treated or per tonne of concentrate produced.
Increasing the life of mine to 20 years still means that PLV will need $63/t to pay for the treatment of the ore in stage 2.
If PLV can raise the Fe% in the feed (as per my earlier post) then yes they will reduce their opex by economies of scale.
fundamentals consideration, page-51
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