Ann: 121 Mining Investment Hong Kong Presentation, page-16

Since you mentioned ARL, I will discuss the PFS here with you, not for any down ramping or ramping, for discusstion purpose only,

Personaly, I have many concern to ARL, as below,

1) ARL's autoclave throughout is too low as 1Mtpa, most of cobalt peers target 2Mt or more;

2) This 1Mt scale plant requires a CAPEX of US$472m (incl A$77m contingency), compare between sulphide and laterite, it places heavey burden for financing,

3) ARL's PFS is base on cobalt metal price at US$/lb:41.63 and Ni metal price US$/lb:8.84, which are almost current market price, ARL only target for production by 2022, pose so much uncertainties for market, ( Take note CLA use Ni metal: US$7.50/lb andCo metal:US$14.00/lb ) which are far more concervative and safe.

with all these factors, you may refer to same peers for CLA as https://hotcopper.com.au/threads/ann-trading-halt.4129192/page-88?post_id=32465017#.WtwbM_knY5p

from this link, you may take a quick comparison and reference for mining costs in Namibia, and I have done research by myself and personally bullish to CLA's mining IGV and its management team. DYOR!!