Hi Guild, not saying it can't exceed my target - just that I'd...

Hi Guild, not saying it can't exceed my target - just that I'd be disappointed/surprised with less in that time frame.

I've deliberately ignored KCI as a separate resource as the credits for it have been applied to Li extraction costs. I've also run some reverse numbers with the Li as a credit and different prices for KCI - with potash at 1000/t (possible again - it was in 2008) and Li unchanged for example, potash contributes about 50% of EBITDA. So yes absolutely it is significant.

I'm not so sure about sovereign risk Peter. Personally I think the market was disappointed with the Secondary/final approvals process as it has delayed the DFS which, I undrestand, other than a discount rate is ready to go. This announcement with NPV will obviously derisk ORE. So I think the SP fall is more a timing disappointment than a regional risk. For a better example of sovereign risk, imho, see MNC (predominetly Peruvian Cu explorer) over the next few weeks. The likely new President (1st round of election next week) has talked about nationalisation and significant foreign company tax reform.