Transport/Scoping Study Build Up, page-122

https://www.gbreports.com/interview/nigel-ferguson

Love these bits especially:

Are you looking at the potential for offtake agreements?

So far, we have stayed in full ownership, but to get the project into production we have to consider this option. One pathway is a traditional debt/equity model, and the second is to take onboard a partner. We are in discussions with several Chinese groups about taking an investment in the company. We are talking about a premium to share price, and a 20% offtake would translate into between US$30 million and US$70 million into the company. The third and final option would be to sell half of the asset. For example, we could sell the northern half of the project for US$250m-US$300m and funnel the profit back into the remaining side. If choosing the latter, we could be debt-free – no dilution.

Which option is most attractive to you at the moment?

At the moment, our primary option is a Chinese offtake, the reason being the possibility of a full buy-out in the future. We have a few leading prospects; one that could be considered a multinational engineering firm, hence capable of providing us with the earth-moving equipment and construction assistance, and another is a multinational mining company with a number of current projects in the DRC. The third alternative is an electronics firm without any mining experience but interested in moving into lithium. The company wishes to build their upstream capacity and is debating the construction of a hydroxide plant. This would be an excellent option for us if we aspire to it. 

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Can you share the expected timeframe for starting production for the Manono project and targets for the upcoming years? 

We are planning to have Manono up and running by 2020. The money from the cash flow should be sufficient to fund the expansion within a two-year period, and after three years, there is the possibility of a self-funded hydroxide plant.