Comment

Cost estimate ranges in the Report seem excessive

Response

As explained in the Nov 27th presentation, the accuracy range for the cost estimates comes from AACE International’s guidelines and is based on the level of engineering completed for the estimate. The level of engineering for projects described in the Report are conceptual-level (~ 10% engineering). This falls in a Class 4 estimate class, typical of feasibility/screening studies. The broader range of AACE’s accuracy range was used because the Class 4 covers up to 15% engineering (and we are ~ 10%), and because of the volatile and currently very strong construction market in the region. This more detailed explanation will be added to the Final Report.