howdy old faithfuls, page-13

There is two other metallurgists on this one that i know of. That said, none of us are rare earths metallurgists, but we've all been over the data with a fine tooth comb, and Steve has been upfront regarding technical queries as best he could.

CMR didn't experience commissioning risk so much as managerial incompetence and process risk. The process was never piloted, that's your process risk, it should have been, that's your managerial incompetence. I knew all this along with others beforehand. When things started to go awry i bailed, perhaps not early enough, but i didn't get burnt as badly as others.

I don't see those two risks lining up for ARU. They essentially invented the process and had the good sense to pilot it. I'm confident it works as described in general terms. At times during it's greater than 20 year life it will run both better and worse. That's your commissioning risk. Take a look at AXM they have restarted the wiluna gold project, currently they achieve 84% recovery. The process is well known, it's been running for over 15 years at wiluna, they've just spent $40M to improve the plant and yet it's running 9% lower recovery than it was when they bought it from Oxiana. Given the care and attention that ARU are showing toward the process, i don't see that happening for them.