Mining ban in Philippines just got a lot closer, page-68

The grade looks good for Isabel, they actually double it from 2 to 4Mt for the 1.5% grades. Only issue is they haven't explored the entire tenements as per they operational strategy making it's market capital hard to predict but it should be around $100-150M for a DSO company, but they still need significant start up cost (which I think should be factor in, whereas others don't, in the end it's still a accrued liability that they need to fund).