my ammended CLA valuation, page-38

Good exercise.

To value a mine, usually using NPV method.

Recovery rate as company pointed out would >80%;
Mining life is based on reserve;
Namibia mining company tax rate is 37.5%, plus 3% royalty; not 20%;
Capex for 2Mtpa, would be very high, could be $200m.

all imo.

"General corporation tax rate in Namibia is 35%. Mining companies (including mining service companies), excluding those mining diamonds and petroleum, pay tax at a flat rate of 37.5%."