I spoke with the company and yes they have applied contingency...

I spoke with the company and yes they have applied contingency throughout the whole 15 month ramp up to full production. This is in terms of both recoveries and costs. Lower recoveries early on and higher costs. They certainly aren’t expecting to hit full run rate and recoveries day 1.

The 40% of EBIT isn’t being paid out to a rehab bond it’s simply put in a restricted cash bracket until site is rehabed ie it’s still their money. Their model assumes the site is fully rehabilitated at a cost of $81m on top them removing tailings and evap dam as part of operations. There is also talk of QLD following WA in terms of bonding where companies pay annual fees into a pool. That would release any restricted cash back to NCZ or release MMG.

Few commissioning issues with hydro mining but those appear to have been resolved as per the release. Seems to be all tracking to plan.