Ann: Half Year Accounts, page-80

...regarding AGY's interim 77.5% stake in Puna Mining SA:

No big deal if Puna puts the "profit" from the 2ktpa plant straight into the build of the 10ktpa expansion..??!!
Why wouldn't that be the plan?
It's not as though 2023 and 2024 are years that profits are going to be distributed to owners, is it?
Put the money into the expansion (e.g.build ponds asap) and get to the main course (12ktpa) as quickly as possible.
Once the 12ktpa is operational (with AGY earning 90% ownership), Pablo and co will get their cut of the profits; perhaps somewhere around
12ktpa x $30k/t profit x 10%
= $36M per year
insert your own profit figure if you think $30k/t is high or low, and come to your own result; the point is that it is a SHEDLOAD of cash.
i.e. Even if the final profit is "only" $10k/t, Pablo and co get $1M per MONTH.
Let that sink in.
No wonder JL is cranky!!
LMFAO!!