I would guess that separating the tailings from the hard rock...

I would guess that separating the tailings from the
hard rock resource as a going concern is a difficult concept to sell in isolation.
How does III deter the quarrying business onsite from selling the quoted tailings 'resource' (old waste stockpiles) before anyone has the chance to re-process them for tungsten? - How much has been depleted in the last 18 months I wonder?
The hard rock needs to be exploited to make a buck (IMO). Processing (concentrate) onsite makes more sense logistically than elsewhere, so I can't see how a new (used) mill is NOT necessary in the equations.
The quarrying business knocked back $AU12M (brr RAU feb08)for the whole show lock, stock and barrel back before the clever III negotiations secured the excised tungsten rights.