Ann: China Pit Scoping Study Finalised, page-12

I get less than 24 months payback (about 18 months). Project IRR of about 90%. Big uncertainty for MYL is the production sharing agreement, that's why this line in the scoping study is important.

The Company is aware that the new mining regulations allow for profit sharing arrangements and, to this end, the Company will seek to negotiate a more optimal arrangement which will ensure the deposit can be mined profitably for a longer period than may result from the existing fiscal arrangement.

I've commented on the PSA in the past.

https://hotcopper.com.au/threads/an....4227094/page-6?post_id=33512272#.W5sMgSWuY0M