Good analysis Digity. But remember Posco is probably only...

Good analysis Digity. But remember Posco is probably only treating Mahenge as an option. They also have options over production of Balama, Siviour & likely Molo and Lindi Jumbo. If demand is subdued they can pick the best. If demand is rampant they can exercise all options. They are likely playing a high return portfolio game where the upside of just 1 is greater than the potential losses onthe others. I am happy to play a similar game. Hold investments in BKT, SYR, RNU, NEXT & WKT. Returns on at least 1 will offset the others. And like Posco maybe all 5 will be required!