Ann: Mineral Resources Shareholding in Essential Metals, page-70

I was just reviewing some old posts looking for the commentary from someone about the likelihood of a last minute stymie type offer to upset this scheme of arrangement. I couldn't find what I was looking for but I did find a quite good "back of the envelope" analysis by @2ic regarding the notional value of the assets to MIN...I think it supports my view that MIN will want to bed down full ownership of an asset that meets Chris Ellison's mantra of "owning the rock"...

"The kicker for any bidder like Min Res with a plant nearby is they get to save about $250M capex by running a simple DSO dig and truck operation up to Mt Marion. Take $400M NPV, add back $250M capex saved, less $50M LOM extra haulage costs (ie approx $100M discounted at 10% to 2023 real) and it's worth $600M to Min Res. Pay ESS holders half FFS (ie $1/share and keep $300M for yourselves plus lithium price upside). That's probably not going to happen, but they could only pay ESS 75c/share and pocket $375M plus upside etc."

Full post here for context...66120115

Regards

DF