ucl 9 for 1 bid, page-17

I think you mean the BON/UCL JV.

There's been a lot of rubbish regarding this $26 number posted today, firstly it's been misrepresented as full opex and secondly it's in US dollars which was ignored when comparing to MAKs opex.

The other point to make is that MAKs early opex/capex estimates rose as they started locking down the path to production. Of course this is very common with explorers moving to production and with a few common directors between BON and MAK it's possible/likely that the JV's early estimates will also prove too low.