Yes.
1.no company rejigs their PFS every time the price changes
2. Yes. But they get a US$20/t pricing premium - thats where the real profit comes from.
3. No-one includes infrastructure thats already there or is off their sheet. Thats normal. You dont raise the capital, its not on your sheet (refer to Karrara, BC Iron etc).
Ann: Company Presentation - RIU Melbourne Resources Round Up, page-3
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