optimized pfs?

Just a few very simplistic thoughts and assumptions.

With regards to set up costs I guess it makes not really a difference if the ressource is 25 % larger or smaller. In regard to current mining costs the cost impact in producing more copper within a certain timeframe probably is not dramatic.

Please correct me if I am wrong but....

Actual PFS:

Initial Capital Expenditure US$ 358

Actual Sub-total Excluding Gov’t
Royalties & Gov’t Charges: US$ 4500 per ton

US$ 4500 x 39000 (ton per year) x 11 years = US$ 1,94bn

US$ 1,94bn : 48750 (ton per year) x 11 years = US$ 3620 per ton - Note: 48750 = 39000 x 1.25 (+ 25%)

New Sub-total Excluding Gov’t
Royalties & Gov’t Charges: US$ 3620 (- 20 %)

Actual copper price: US$ 7’270 ton

In my view the break even should improve by some 20 %. Shorter mine life, higher yearly productions, better recovery rates might have also a positive effect.

UBS came to a full cost of US$ 2.70 per lb - based on my calculation maybe 2.16, further improvements might bring it down to 2.00 ? Currently 3.29 US$/lb?

Do I miss somehting here? Any views?