I don't understand your point - with APC's strategic location,...

I don't understand your point - with APC's strategic location, high grade resource, cheap extraction method and low CAPEX requirement, the project should be very profitable.

10Mt @ 9kg/m3 = 200ktpa for 50 year LOM

That is double their target output and a ridiculously long LOM.

Smaller annual production will make it easier to secure BOA's for the entirety of their supply and will require less CAPEX to construct the plant relative to peers targeting >500ktpa. The number of bores can be increased once the company is producing cash flow. This de-risks the project for me and from my conversations with Mr Shackleton, this is his strategy to reach production instead of trying to target huge NPV's.