RE:RE:RE:RE:PGM Market Fundamentals12 Mtpa case does not have treble the NPV of the 4 Mtpa case, because it is built in series, and the extra ounces come later, funded from internal cash flow. If it were built in paralllel, all things being equal, it would, but it would cost 4.5 billion instead of 1.5, and scalability does not happen with equal quality ounces, but only at lower grades. The 4Mtpa case has an IRR of 14%. It can work, but it is not a barn burner at these prices. Spending all the cash and taking on debt, possibly issuing equity at low prices, while the other assets are in limbo, seems pretty risky to me. Better to stay a debt-free exploration company till the coast is clear.
In mining, it is best to love no one and nothing. It has been the ruin of many good men.