dmagnus,For clarity, you should be comparing apples with apples...

dmagnus,

For clarity, you should be comparing apples with apples not oranges.

In other words, you should be comparing KAB with other $15m m/c companies.

KAB's product quality is good enough for Sinosteel to want 180,000t in the first year. Phosphorous is 0.03%, i.e. it's high quality ore.

KAB is already drilling the resource, JORC by June. The Mn is at surface so production is quick and easy and sales will easily support further development.

Good point about the 75% interest. That reduces gross profit to $15m/yr. Still excellent. And KAB is only just beginning - only a tiny part of their portfolio.