Just read the sensitivity analysis and compared it with the PEA for La Blache.

Year 1-3 OPEX of $2,519 (15,000 tpy)
Year 4-5 OPEX of $1,972 (75,000 tpy)
Year 6-25 OPEX of $1,450 (195,000 tpy)

 

According to the sensitivity analysis if they can get hold of 47% TiO2 grade ore they would have an OPEX reduction of -64%

Lets apply that to the PEA numbers.

Year 1-3 OPEX of $907 (15,000 tpy)
Year 4-5 OPEX of $710 (75,000 tpy)
Year 6-25 OPEX of $522 (195,000 tpy)

Keep in mind that the recovery rate have been improved by 3% after the sensitivity analysis (mid-June NR).

but some things will add to opex as well, particulary coating which is maybe $175 / t and also that they have to buy the ore instead of mine it themselves but the cost of ore cannot be that great since it's "dirty ilmenite" and almost worthless to anyone else than Argex. My estimate is $200 / t.

When all things add up including the 3% recovery improvement we will be at these numbers.

Year 1-3 OPEX of $1,255 (15,000 tpy)
Year 4-5 OPEX of $1,064 (75,000 tpy)
Year 6-25 OPEX of $881 (195,000 tpy)

The interesting thing is that we will skip the first phase and go directly in to a 50,000+ tpy plant and we should be somewhere around $1,100 in OPEX not including any by-products.

Happy new year!