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Peer Comparison, page-12

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bobbydazzler85

1,313 Posts.

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28/10/20

20:23

Post #: 48469168
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Originally posted by binwood: ↑

I posted on this last week sometime. We own the Ta Khoa resource (+ existing infra) which is the foundation for all of this.

So if this was to be integrated into a full 50:50 JV for upstream and downstream then they would need to pay us for 45% of the resource (we own 90% currently). Then the 50:50 JV would be formed and we would owe $150m of capex each.

Assume a 70/30 debt/equity split on capex. US$150m is A$210m. So call it A$150m of debt and $60m of equity. I would be disappointed if we sold half the resource + infra for less than that amount. Would mean no further dilution to our capital structure.

Then we halve the NPV of the total project. Means at $8/lb of Nickel and no further improvements we would be looking at a post tax NPV of something like A$325m+ compared to a current MC of A$120m.

I expect debt terms to be reasonable and definitely serviceable.

As with all these discussions, improvements to come.

Expand

where has it been mentioned mate that we would enter full JV for the whole project Vs only downstream??

thsnks for analysis vs TLO - that was great.

all the interviews I’ve watched we fund and own upstream, we sell to our 50/50 JV for downstream and we don’t sell off our share of the resource? Which maintains at 90%.

BSX Price at posting: 36.5¢ Sentiment: Buy Disclosure: Held
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