Pre and Post What did this press release not include? The post-tax NPV and IRR numbers. Sneaky. With a definitive feasibility study (as opposed to a scoping study or pre-feasibility study) companies will typically include the post-tax numbers. Which makes sense because in the real world you have to pay taxes!
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Roche Bay pre tax NPV: $642 millon
Roche Bay pre tax IRR: 16%
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My estimate for post tax NPV: $350 millon
My estimate for post tax IRR: 9%
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The post tax numbers are in the report. Management is just withholding them because they are very bad. The report filed on SEDAR will confirm these post tax numbers.
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Pay no attention to the puffery re: LNG. It's not a proven power source for mines (there's only 1 mine on the planet that runs on LNG) and using LNG will require significant additions to capex. If LNG were a proven, cost-effective alternative to diesel wouldn't every other mine on the planet be using it already? Why isn't BHP or Vale not using LNG at their iron ore mines? Do they not want to save $8 per tonne processed?
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Tetra Tech didn't include LNG in the study for a reason. It's unproven technology and cannot be relied upon in a bankable feasibility study.