My understanding is from the announcement on the 20/09/13 High-grade fines to boost Posse iron production and cashflow
20% by mass is large fines and will be removed by the dry screen at 62% Fe, which is 60k tons, they talk about selling some of the fines already I'm assuming that this is what they are selling and that they still have 300k tons of smaller fines for dry magnetic separation as per the below calcs.
66.4% by mass will be recovered at a percentage of 61.8% Fe.
Meaning that once the dry magnetic separator is working, the 300k tons of smaller fines can be processed, about 200k tons will be sold with a percentage of 61.8% Fe. The other 100k tons of which is a low percentage Fe (approx 17.6%) will not be sold and have to be stockpiled on site/used for back fill etc.
The most positive thing from this is that it's not affecting the license
CAS Price at posting:
32.5¢ Sentiment: LT Buy Disclosure: Held
