Twiggy's magnetite project came with a huge cost blow out but FMG could absorb it.
High grade IO has been the future for years now, Vale in Brazil, it's the reason CIA restarted in Canada, Twiggy chasing 65% Fe in **on, Simandou finally proceeding in Guinea etc... All have deep pockets for their projects.
I briefly believed in CAP as it looked so good on paper but soon realised it was never going to go into production.
A 20mtpa pfs 12 years ago with 5-6 mtpa start-up.
Then a revised 10 mtpa pfs in 2017.
Then as HIO a 20 mtpa BFS on the way.
Now an 11 mtpa BFS promised end of 2024 but not funded yet as previous funds wasted.
Meanwhile iron ore price has its best days behind it and a drop to US$90/t is coming later this year.
I might have come in hard with my criticism of this company Mas but it's warranted.
Twiggy's magnetite project came with a huge cost blow out but...
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| Last updated 15.50pm 03/05/2024 ? | |||||
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