Mar. 21 at 5:57 PM
$CRML
i calculated a NPV of
$24 billion for Tanbreez after correcting the errors in the PEA .
Niras, via Sage, indicates a 300% increase, or
$12 billion, which would lead to prices of share of 111 and
$55.
I mentioned the quantity extracted and the extraction period to partially explain the difference.
In the PEA, the extraction is 171.25 million tons over 28 years, while in the scoping study published 15 days after the PEA, it's 121.25 million tons over 19 years.
Although in my opinion, the resource is closer to 4,700 million tons than the 45 million tons estimated by the MRE (Mauritius Resource Exchange) in 2016, Niras may have further reduced the quantity extracted, and obviously, the revenue and NPV are almost proportional to this.
In fact, the only reason to limit the quantity extracted is if the production of one of the metals becomes significant relative to world consumption.
This could be the case for zirconium and Hf if the latter were separated from Zr .
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