With yesterdays excitement, a close executive in the mining sector presented me with the news of Queensland Pacific Minerals.
QPM released their updated feasibility study. Interestingly QPM are an acid leach critical minerals project and also have EFA funding and a Korean angle too. Their updated Stage 1 capex is 2.1bn and that doesn’t include a mine or beneficiation plant as they assume they can buy their concentrate from somewhere else.
Whilst the market didn’t like that news the understanding I have is that QPM is a well run company. Whilst it proves that capex is going up (which shouldn’t be a surprise) it isn’t necessarily an impediment to getting a project built. As Grant said yesterday it’s about IRR and getting those variables right.
In short what I’m saying if we say circa 2bn or so for Tng which includes a mine and a beneficiation plant it might not be to unreasonable in todays market….
Interesting News
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