Ebner et al:
The delay sucks and I am sure we will get a lot of people sneering and making pokes. But listen, take a look at this, I think something important is being overlooked.
The rough-and-dirty numbers have a marked shift to nickel, despite the recent improvement in cobalt grades. In fact the figures on page six show the production calculated on a NICKEL by-product basis, $1.40 /lb, with cobalt as a credit.
CLQ IS HIDING ITS CLAWS
1. Get this: The prices in the footnotes on page 6 show the price assumptions to be:
$ 7.50 nickel
$14.00 cobalt
Since when are cobalt prices FOURTEEN DOLLARS !? You are going to have C1 nickel at $1.40...with cobalt figured at $14 !
So. Overstate the nickel price. Understate the co-product price. Still have C1 at $1.40.
Oh and by the way: NO SCANDIUM CREDITS. Wouldn't want to get people too excited by showing the scandium credits.
They might go bananas if you show a NEGATIVE C1 cost for nickel.
What they are indicating is that on a nickel by-product basis, the nickel cost may actually be LESS THAN ZERO.
Somebody tell me I am wrong. Please. Tell me I misread it. Tell me where my mistake is.
2. It very discreetly says in a little colored box that they are in negotiations with Easpring for PROJECT LEVEL INVOLVEMENT
that will convert the Easpring take-off to LIFE OF MINE. Under discussion now.
3. Capex needed $784 million. Not too bad. But all the sunk expense are OWNERS EQUITY. Remember that.
Guys, the delay in the BFS sucks. But you gotta look at these closely. There's some very good stuff coming up for Sunrise.
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- Ann: Investor Presentation - February 2018
Ann: Investor Presentation - February 2018, page-20
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