RWD Peer Analysis, page-53

Just saw that APC published the outcome of their Scoping study.
http://www.asx.com.au/asxpdf/20170323/pdf/43gzxwcdsz4sbx.pdf

Now this is very mis-leading - see pg 3, 3rd bullet point under Scale

"Minor portion of SOP produced through the conversion of imported MOP to SOP using the natural excess sulphate in the brine"

Then go to pg 31 to look at MATERIAL ASSUMPTIONS

MOP converted to SOP 42,120t
Stage 1 throughput 150,ooot

Minor and material don't exactly go together, but anyways...
Interesting that nearly 30% of the SoP production will come from MoP conversion  
Why?
More importantly what does that mean for SO4 given nearology/paleochannel...

I can't see how APC management can claim 'exceptional economics'
To me this is an immediate negative.

If their project is exceptional, RWD's economics are exceptionally exceptionally awesome
And after the DFS is released (who knows when), I would expect it to be even more so.