The early disclosure re the PHES possibility certainly indicated...

The early disclosure re the PHES possibility certainly indicated that it could happen in conjunction with the UG mining.

Those comments have just faded away. I do find that management tend not to draw attention to changes that have a negative impact like the huge mining cost overrun that is occuring.

I won't be surprised if the initial indication of a capital cost of $1m a MW for the PHES disappears into the ether along with the expectation of a worthwhile financial outcome.

Cultana PHES Knowledge sharing report can be found here

.https://arena.gov.au/assets/2017/09/Cultana-Pumped-Hydro-Project-_Public-FINAL-150917.pdfIts

a study of a 225 MW saltwater plant

Capital cost $477m (we have been told ours will be < $1m per MW i.e <$200m )

Operating cost $11m to $12m

Market revenue $56m

Ancillary revenue? $21m

"Based on these revenue streams, the project has been found to be economically viable with a post tax nominal rate of return of 8% to 12%, depending on a range of scenarios involving capital costs and revenue outcomes. The return is broadly comparable to a benchmark project hurdle rate commensurate with technology and market risks of a private sector investment in a project of this nature.