They provided for 2 NPV measures 8% and 12%, the selection of which factor to be applied being dependent on the size of mine that might result from the exploration

They did not know when the agreement was drawn what they would encounter, but a smaller mine would require a higher NPV to justify the CAPEX

A lower factor could be used on a larger, longer life mine

We exceeded, substantially, what they had provided for in size and life, and really deserve a lower NPV to be consistent with the logic

..but since the lowest factor provided for was 8% NPV, we have knocked that one out of the park

The games being played now are simply posturing to see how cheap they can get this huge long life mine