new EFS, page-17

Agree, the metrics are all too slim and underpins the fact that this is a large tonnage low grade proposition. In downsizing, the company has lost the economies of scale that are needed to make this a no brainer.

In the context of downsizing, elimination of the magnetite circuit makes sense. However, they now need to deal with much more waste and it's added cost, so it's swings and roundabouts. Of course, at current IOP the magnetite just doesn't fly with the CAPEX required and the scale contemplated.

I suspect this project will sit there until a more aggressive company takes it over and builds the scale of mine originally proposed. That won't happen until Cu price rises to about US$8,000/t from its current 6000.