RE:Strategic ManipulationVersus 2013,
- Grades used were lower
- Recoveries used were mostly all lower
- Moly price used was lower
- Silver price used was lower
- All royalties were added
At a certain point, there's so much an improved opex can compensate for.
Despite all of the above, the after-tax IRR still moved from 8% to 13%.
MoneyK