$400MM capex??? Holy smokesWhat happened to $120MM capex? 26% increase in Co and 17% for Ni production doesn't add up to another $280MM capex...
IRR falls from outstanding to merely good (96% to 39%), even though assumed Co and Ni prices are up substantially.
I talked to management a month or so ago and got the impression capex would PERHAPS double. Never in my wildest dreams did I expect it to more than triple.
With two rainy seasons per year, it will be very difficult to get a $400MM mine into production in that part of the world before 2010.
Looks like a fair bit more dilution coming down the pike...