$1 billion NPV. When?, page-17

As pointed out by RDawg, low international shipping costs have a negative effect on VRM's potential revenue. The Baltic Dry Index chart below shows global shipping freight rates are near 20-year lows. So not only was the Amarroo feasibility study done at around the bottom of the Phosrock price cycle but shipping costs are low now too. I can't see much downside in either of these markets but there must be plenty of possible upside over the next few years.