Two issues stand out in the announcements. They don't make that...

Two issues stand out in the announcements. They don't make that much HMC and what they do make they sell.

Check out the quarterly. 3.36Mt mined for 29kt of HMC out. If they were running at DFS numbers that would be more like 55-60kt. 29kt produced and 3 shipments for the quarter totalling close to 29kt doesn't leave much left over for MSP processing.

The big unknown is final product grades and recoveries. Not much in the quarterly about the MSP at all except "ore commissioning advancing to produce premium final products". So no one really knows what the product grades and splits are like, but there can't be much HMC going through it.