The targets I posted above were excluding the recent 25% project...

The targets I posted above were excluding the recent 25% project dilution. They should have been 2.3c, 4.5c and 9c, respectively.

The US$700/t margin was allowing for power costs of US$0.11/kWh, which has since been reduced to US$0.086/kWh.

GMC will be producing MC FeMn, which, according to the chart below, consistently trades at a ~60% premium to HC FeMn.

It's hard to find current pricing, but if HC FeMn breached US$1500/t and has maintained that price level, I would expect MC FeMn to be up around US$2500/t now.

GMC used US$1500/t in their own costings. That would seem to allow for a wide margin of error in the expenses column. I'm sure there will be a lot surprises, but my feeling is that they will skew to the upside.