Originally Posted by
shasta
Certainly. If you refer to the Jan 19th investor information pack, page 18 the ramp up of production shows the 4,000tpa of the HPA 4N not until year 4/5 with the 1st 3 years a blend of Smelter grade and 3N product.
The disparity in pricing means any increase in costs and the figures get ugly quickly. Reading the first part of the presentation the revenue figure $92m (4,000*$23,000) isn't likely until year 4 at least.
For a long life 30+ year project, the IRR of 33% isn't earth shattering, and with all mining companies, delays, increase in costs, are inevitable.
I still like the company, just a few concerns about the timing of getting to the $$$ they are stating, plus any technical issues getting the HPA 4N purity at scale.