Canadian phosphate juniora Arianne Phosphatea(TSXV: DAN) took a big step in its development this week with the release of itsa bankable feasibility studya(BFS). The BFS points to a world-class, high-quality project with a long life and very robust economics. Unlike the company's 2012 prefeasibility study, which points at a $1-billion NPV and a 17-year mine life, factoring in both the Paul zone and Manouane deposit, the BFS shows a $1.9-billion NPV with an 8-percent discount rate and a 25.75-year mine life, only factoring the Paul zone into the equation.aThe Paul zone alone holds a measured and indicated mineral resource of 590 million tonnes with an average grade of 7.1-percent P2O5 at a 4-percent cut-off grade. Manouane, which was not included in this study, holds a mineral resource of 164 million tonnes and would add roughly an additional eight years to the project's mine life. The study also shows an internal rate of return of 20.7 percent, with capital payback expected in 4.4 years (before taxes and duties). Arianne is looking at an intitial capital cost of US$1.2 billion, including a $982.5-million (with 73.9 million in contingency) cost for the mine and $232.2 dedicated to transportation, which will deliver the product to the Port of Saguenay. As far as the company's all-in cost on the ship is concerned, it is one of the most promising results from the study. Arianne has managed to come back with an all-in cost onboard the ship of US$93.7 per tonne for the life of mine. That gives the company an operating margin of 56 percent, as well as an average selling price of $213 per tonne. Arianne has 75.7 million tonnes of saleable concentrate at 38.6-percent P2O5 in proven and probable reserves, which it will be able to ship 365 days a year for a competitive price of $93.7 per tonne. If compared to those who have to pay closer to $150 per tonne, it's quite a bargain.