"I think what your post is missing is the fact that MIN profit...

"I think what your post is missing is the fact that MIN profit from the mining services undertaken at Mt Marion, so have to consider that element as well (in addition to mine restart costs etc if it were to be put on C&M)."

Does MinRes still make a profit from Mt Marion overall because of its mining services run the mining of Mt Marion? I don't know for sure, but based on the numbers that I could get, I would say unlikely.

The mining services has a revenue of $550 million in 2024. That revenue is from producing 269 million wmt of iron ore and 218,000 tonnes of lithium in Mt Marion. Based on the comparison of the amount of those productions alone (there are actually other works to make up that revenue), what the mining services earned from Mt Marion must be relatively very small.

Now, last November MinRes and Ganfeng poured $300 million into Mt Marion, and they are going to add $300 million more to the loss making operation. What can ever justify that business decision? Only one thing! In good faith they have come to the conclusion that the probability for a rebound of the price of lithium is much higher than otherwise!!