Timeline: IXR has done an extraordinary job catching up to MNS, in fact assuming they tick 3 more boxes this year, they will have reduced MNS's 17 months headstart to just 3 months. See table below. Will they tick the boxes? The PFS no problem, announced that's on track. The other two - ESIA and ML - I understand IXR's in-country manager Kavishe has been working on them for most of 2015 and they are well advanced. He has traditonally got things through the bureacracy in a fraction of the time it has taken our peers.
Offtake agreement(s): given today's announcement, I'd anticipate offtake agreement(s) in place 4-6 weeks after PFS. They have already announced talks well advanced.
Capex: IXR's "go small go fast" strategy should see capex 25%-33% of MNS's $200m. Much easier to fund $50m-$75m than $200m
Project Funding: similar to offtake, I anticipate 6-8 weeks after PFS. They have already announced talks well advanced with Madame Chen and other Chinese parties interested in our graphite
Time to production: a project a quarter to a third the size of MNS will be materially faster to complete.
Opex: today's metallurgy results announcements means IXR will pip MNS on opex.
My conclusion: a higher quality graphite project into production before MNS.
IXR versus MNS
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