I've read some of your posts, and I have looked at the Dealers...

I've read some of your posts, and I have looked at the Dealers and Diggers Presentation and the animated film of the project.

Sure I was impressed with the $20+ per tonne opex on phase 1 (the DSO). But the capital intensity of $134 per tonne for phase 1 surely implies they need an iron ore price above $154 a tonne? I know it is unfair depreciating the entire cost of the port and railway over phase 1 only (436m tonnes), but how can it return the capex spent over phase 1 AND put by the profits to finance phase 2?

Is this the reason why Hanlong (okay, Matt, the Chinese Government - LOL!) pulled out of taking over this company? Thanks in advance.