valuation post toll, page-9

@Grant64t:

thanks for your valuation/ calculations. I have a question about your calculated revenues of stage 2 compared with stage 1. soory if my question is stupid - i am in holiday and maybe my brain isnt on 100%:

Why is the revenue of stage 2 not the double (or even more) of the revenue of stage 1?

And why should the 15 US$ costs per kg REO not be lower for stage 2 than for stage 1? I mean we have fix costs... So if costs for stage 1 are 15US$ per kg REO i expect lower costs for stage 2....

But my main question is: why is revenue of stage 2 not 2 fold of stage 1? I would be glad to hear your answers. and really sorry, if this question should be stupid :-(

cheers chris