The larger the annual output the larger the risk taken in the first 12 months, given that whatever loss is made per tonne, is going to be multiplied by the number of tonnes to produce the cash loss.
A $200/t loss across 600ktpa would burn $120m in cash. And a $200/t loss per tonne is a fairly conservative number as well for a first year producer.
My guess is that they will be looking to go with bare minimum output to cover offtake requirements and that’s about it.
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