Ann: Rocklands Ore Reserve Update, page-35

One thing I don’t understand.

You spend 10+ years developing a Copper/Gold, Pyrite/Cobalt, Magnetite mine
You release a JORC that is tailored to above resource
You design<>test, engineer, procure and construct all the circuits including both the Pyrite/Cobalt & Magnetite circuits
The civils are done, the construction is done, 100% of the equipment is in place

The ONLY thing remaining is to run the actual elec/instro cabling (that you have on site) from the MCC’s to the circuits.

after spending 600+ million dollars someone decides that for the sake of 500k in labour they will not commission the Pyrite/Gold, Mag circuits because their back of paper calculation says the circuit won’t be profitable.

Wouldn’t it have been a lot smarter to roll the dice, finish the circuits and run them, even if it was only to satisfy the JORC and the market. If they didn’t work THEN shut them down, in the scheme of things it’s a pittance to pay for clarity and few days of cashburn at the rate they waste money.

The truth is this:
The guy who decided to keep them off is the same guy who helped design them. If you never turn them on you’ll never know if they work or not, safe bet to keep them off.
Fast forward 18 months and Cobalt is 4x, you can’t turn them on now because if they do work it’s going to be a big WTF moment as to why you didn’t just finish the job in the first place.

Clueless.