RE: What am I missing What you are missing is that the PR was very badly mishandled.
The CC was a very amateurish affair. The webcast could not be accessed except for the presentation. The phone access said "welcome to the Javelin Partners conference call". I nearly hung up but googled Javelin Partners and realized DAN was a customer. Then the President did not know how to move the presentation and was getting instructions live on the air. You would think they would have practised it beforehand. Finally, as they mentioned on the call, the news release was not in the hands of the participants until part way through the presentation.
however these are only superficial short term considerations. Hopefully they will learn with experience. While the capex is higher, the possibility of the NPV at 8% being 1 billion with a 3 million ton throughput is quite enticing and that is before the titanium which could increase it further.