Ann: Update on Darwin TIVAN Processing Facility, page-100

Rookie I don't mind the discussion, but since you don't hold let's try to keep it tidy - it's obvious you don't believe in the project.

TNG indeed assumed that 4 components of the flowsheet (Pigment, Oxygen, Acid Regeneration and Chlor-Alkali Plants) can be arranged as Build-Own-Operate-Transfer (BOOT), since they are general in nature and not inherent to the Tivan process. IMO we could probably add the new Zero Liquid Discharge Waste Water Treatment System (ZLDWWTS) to this list.

The 4 flowsheet components could cost approximately ~$562m to build as per 2017's DFS, sum which has been kept off-balance sheet because, on the other hand, the same DFS assumed $63.4m of BOOT repayments for 16 years going towards operating costs.

That is a bit over $1bn in BOOT repayments / operating costs (which are included in TNG's NPV calculations) and based on these cashflows I calculate an IRR of 8% for the BOOT operator.

I don't know enough myself to say whether that's a good enough return to assume third party industrial service providers will be keen to enter contracts to build and run the 4 (5) plants on TNG's behalf and while BOOT agreements are common between governments and the private sector, I couldn't find much information wrt private-to-private agreements.

If anyone like@Propunter2 (thanks in advance) with industry knowledge has any insights on how common and feasible such BOOT arrangements are, I'd love to hear your thoughts. TNG obviously made it look like that's not a stretch.

Then...
KfW is mandated to raise up to $600m USD (which alas at today's exchange is equivalent to ~$800m AUD instead of $850m as previously modelled, so falling just a bit short from covering all of the Tivan capex)
The ZLDWWTS ($50m-$100m?) would be an ideal candidate for NAIF >> BCI just received $450m from NAIF with a planned peak construction workforce of ~500 vs TNG's planned 700-1,000 peak workforce. KPMG were financial advisors on the deal.
A strategic partner - involvement of which KPMG might be able to facilitate as per a recent interview - could operate the pigment plant, though this is pure speculation at this stage so feel free to disregard.
$300m to be raised as equity seems more likely after PB's admission of a 65/35 or 70/30 split.

That's at least $1.2bn reasonably accounted for if the FEED delivers financials which stack up. At this stage, shareholders obviously assume the figures will be ok. Costs even including BOOT components put back on balance sheet would be ~$1.4bn, so if only one of the Pigment or Acid Regeneration plants can indeed be palmed off to a third party operator, that's pretty much it, covered.

I admit there are areas in which more information during the many years of wait would have been welcome. I admit that after all these years I might not have the mental lucidity to assess the merits of this project properly, as I don't think I would be able to walk away from it until the very end. I have started diversifying a bit more out of TNG but I am still hopeful (can't call it more than hope at this stage) that this will all come together and if it does I hope I will be smart enough to recognise my luck and leave the speccie roulette while ahead. ETFs for me next, please.