The amount of money determined as at the date of valuation to allow for replacement by similar property in a condition equal to but not better than nor more extensive than the condition when new.  Where appropriate, due allowance has been made for freight, insurance, duty, delivery, installation, commissioning, design, engineering costs and the like.  Where production plant is no longer currently available new, an optimised approach has been used based on capacity required, when determining replacement cost.

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