vre valuation, page-9

"One thing regarding your valuation , remember to apply a recovery factor (say 80% to reserve figures) and the fact BHP only pays around 65% for contained metal after that , so reserves figures that they actuallly get paid for could be around 52% of original figure"

I did mention that it doesn't include the offtake agreement.

Also, Mincor have a very good recovery factor, above 90%, and in a lot of cases, in real terms, above 100%.