Next Year will be our Year, page-4

don't get too carried away. yes, capex is likely to be substantially lower, but equally GGG will be selling concentrate instead of refined minerals. that will lower the income of the Project, so it's not a straight line saving. I would still expect some IRR improvement but the big win is that it becomes easier to fund with lower capex, to get the motor going and thereafter consider how to keep more of the value add later.