yes I understand the term, but the issue is it correct to say...

yes I understand the term, but the issue is it correct to say that replacement cost is the value of the project.
I say no.
the value of the project is what they paid for $8m
but as the project is getting cloeser to production, the value should be closer to NPV, and NPV is the suitable one.
these rampers really do whatever they can do pump this
by telling others that this will be in production in 12months item (to create FOMO?)
telling others replacement cost $300m and it should worth that much
but if you really want to use replacement cost method to value this project then it will be close to zero value after taking into account of asset decpreiation.