While the project is expected to deliver excellent operating margins, the existing Inferred High Grade Resource of 4.5Mt, although providing a positive return, requires to be increased in order to achieve the Joint Venture partners criteria for development investment.
this explains his comment about it needing further drilling to be viable... nothing to do with resource but the contractual terms with sml.
happy with this... should prove very interesting in july/august!
Ann: Positive Redmoor Study Results & Re-commencement of drilling, page-11
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