IRR
NPV @ 5%.
$M
Base case (no royalty)
7.6%
455
Sensitivity tests
1. Royalty at 6%
6.9%
334
2. Royalty at 12%
6.3%
218
3. Traffic flow down 10%
6.5%
258
4. Traffic flow up 10%
8.5%
654
5. Construction costs up 20%
6.2%
235
6. Operating costs up 15%
7.4%
418
7. Royalty at 6%, traffic flow down 10%
and operating costs up 15%
5.7%
113