Approx $80 million USD ($105 million AUD) received now out of approx $182 million USD ($238 million AUD) total. The construction stage in still in the beginning stages, probably around 18-20 months left of construction with some COVID delays thrown in. There is still around $102 million USD ($133 million AUD) in payments due over this phase, but there will be similar outflows, as this project only has an 18% gross margin ($32.7 million USD). What I will be looking for in 2023 is the possibility of winning an O&M contract on this project. This is the type of recurring revenue the market likes and could be something in the range of $12 million USD a year for 20 years.
I have based my figures on the initial project win reports that had the Ivory Coast project valued at approx $182 million USD (€165 million euro). Due to the strength of the Euro vs USD the project is now more valuable in USD with an approx $190 million USD value. This is potentially better for us shareholders depending on the strength of the euro over the next 2 years and the timing of payments but will fluctuate.
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