I do agree that a pure resource like for like isn't the only measuring stick you should use.
But again most of your points there are once again favourable for WR1. CAPEX and OPEX should be low with hydro power, resource being shallow and of course the recently acquired reinhart.
LRS will most definitely be cheaper for labor however mining at 300-350metres is significant harder than an 50-100m.
Lets also not forget that the Brazilian government is slippery at best.
I agree the permitting is something that will need to be fixed however, again the amount of tax revenue and GDP that would be gained from speeding up this process, is too large a carrot for this not to be addressed soon enough. Currently are very few mines in production in the region. Once a few more come online when demand is up, this is when real progress and urgency will push these changes imo.
But again, if we're not looking at purely resource for resource, just have a look at PMET and WR1.
- Both will have the same permitting issues.
- Once has a road issue, the other the lake.
- WR1 should now be production earlier
- CAPEX and OPEX I would say would also be far lower for WR1
- PMT resource will remain larger but I would say by no more than 20-25%
PMT is worth 6X Wr1 right now.
The main point is, you are correct. Resource only comparisons are not the only way to view peers but my actual main point is, against any peer right now, I cannot see a company better positioned and at such a low MC
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