Yes I was referring to the CapEx the majors would need to put in. Oyu Tolgoi needed an open pit resource to get mining started. Has Kharmagtai got viable open-pittable ore that will support the mining of any higher grade ore body that they might find at depth. The money required to get a DFS done on this project is another story.
The talk in this announcement of up dip "trenching" along strike from this discovery seems a bit curious considering the two really high grade intercepts are between 385 and 393m down the hole.
I hope you get your permanent re-rating but there does seem to be a lot of speculative dreaming around recent copper finds. We are still in a copper bear market. If you are investing be prepared to ride out the cycle. It might take 1 year. It might take 5 or 10 years depending on how the China story pans out.
Eshmun
XAM Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
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