Posted on ADFVN ..?13 Oct 2021 10:54
Looks like some people do not understand how small the area the PFS covered
This is from one of the bulge bracket analyst reports... We incorporate Havieron in our base case at a NAV of A$320m which assumes a 2Mtpa operation, capex of A$530m (100%) and cost ~A$100/oz (AISC). Our previous A$0.8b NAV assumed a 3-4Mtpa operation and capex of A$500m. Havieron was viewed as a key near-term project to partially offset production decline at Cadia. The PFS suggests that this is not the case. While the study outcomes underwhelmed on throughput and mined ore reserves (14Mt), NCM has flagged upside.