Tranche 2 delivery to Alcoa commenced on 31st July 2015, which was ahead of the September start date (i.e. we are actually getting paid for gas from that point onwards, having met the Alcoa financing obligations under Tranche 1). Given that Tranche 1 had a nominal value of $25mm, we can assume that Tranche 2 will only have a life of around 18 months (similar value of gas); and if that is the case by the end of 2016 the gas will be up for grabs. Hence MIN.
EGO Price at posting:
44.0¢ Sentiment: Buy Disclosure: Held
