Michaelbond, some detailed questions there but my 2 cents worth is:
BFS has certainly come along way since the PFS as a result of advancements in purity without the use of chemicals and the increased profitability this brings (higher basket price) if the right end-users can be enticed.
The 2017 timeline... it has become very clear that MNS is going for debt finance options (possibly still through POSCO's contacts for primary debt while MNS management brings in subordinate debt) with the ratio to equity finance being anyone's guess. However, Western lenders are almost certainly unlikely provide debt unless western off-takes (reliable) are first secured. Thus, MNS has to lock in a big household name such as Samsung, LG Chem, BYD or Panasonic before lenders will feel secure enough with the project.... So the timeline, is reliant on western off-takes before debt can likely be secured... hence MNS's risk (need the horse before the carts of any use). And to be honest, by my graphite requirement calculations, MNS will have to lock in all the big household names to get anywhere close to its BFS production estimates by 2020.
Bigger plant size, yes the BFS is based on 240ktpa production plant. It was mentioned at the AGM that the plant is built in 12ok modules. Personally, I think starting with one module would be very realistic (say good bye to the Chinese steel related off-takes and go for battery and better off-takes only and add the second module in 2019 as off-takes increase in size to account growing EV sales). Although I'm sure management is looking at more than just the battery market to supply to.
Nachu is 2% of tenement area - it's been stated many times by management that block F (where the good stuff is) could probably be increased in size substantially (maybe even doubled) but it's not necessary at this stage..... for all we know, in 10 years anodes might not even contain graphite. Thus, resource size and LOM is not so important beyond a certain point.
Anyway, best of luck.
MNS Price at posting:
59.5¢ Sentiment: Buy Disclosure: Held
(20min delay)