Agree
@DDBB , MLX went in with an idea to gain some extra income acquiring Nifty in 2016 from Aditya Birla Minerals acquisition. Look at the timeline of events with MLX. The MLX underground sulphide ore in concentrate operation had issues from the get go.
https://www.sedgman.com/projects-and-operations/projects/nifty-heap-leach-re-mineAs for the Nifty heaps CYM has pointed this out in Co announcements where agglomeration was poor. All that fine clay clogging up the drainage resulting in poor liquid recoveries and excessive acid usage. Is why there is so much material left in the existing heaps and why CYM is going to reprocess the heaps.You can't beat operational knowledge. Barry and team built Wetar on a Indonesian site with difficult terrain, poor port access and harsh weather conditions. Successfully ran a heap leach operation including oxides & the sulphides. The original BFS times for leaching: (leached/transitional pyrite breccia) achieves 88.0% recovery in 231 days when compared to the 2013 Bankable Feasibility Study (BFS) curve of 66.0% recovery in 1,200 days.
Barry and team are successful heap leach operators with proven track experience.
CYM is not some asx dart team hoping to throw a bulls eye and milk investors for a lifestyle in the Bahamas.
MLX ending up sacking directors with key team members leaving throughout their tenure of Nifty. The underground had many issues over it's lifetime. Barry's plan to just go large open pit saves any of MLX dramas. No power cables broken, no electricity failures, no bottlenecks from underground, no underground crushers and you don't have to worry of the roof falling on your head. Going open pit takes a lot of the mining risk out of the picture and you're guaranteed to get all of the valuable ore. It's also far easier to upscale the recoveries and output should CYM ever think about it.
The Australian mining risks and sovereign risk is far less than other countries and far better controlled. South America, Africa or even in Canada or Alaska. Canada you have to contend with freezing conditions of snow and ice. Many have failed in those jurisdictions. I'm far more risk comfortable holding an Australian company mining on home soil.
https://www.reuters.com/world/americas/peru-community-wants-its-land-back-threatening-chinese-copper-mine-2022-05-12/
(20min delay)