Good effort @paulgf. Big mistake in your tables is taking Euroz 65% payability, that's a typo error I hope, it's actually ~35% payability.
"Working off Euroz's very conservative numbers for the demo plant"... I think the demo plant and infra required for the demo plant will come in way above the $20M mentioned by LIN some time back. Hopefully Euroz's $30M capex estimate will prove close, I doubt it will prove 'very conservative' but we live in hope.
I don;t mind selling demo plant mon-con to China. Frankly I think they would pay the highest price, would be the moist reliable off-take deal at short notice because not many other plants with spare capacity built or being built to my knowledge. ILU may have spare capacity if NTU don;t get funded for their Browns deposit, if they don't want to just run down Eneabba con first. Selling to China doesn't help the west's predicament or the RE-price ex-China, but it's a none too subtle reminder and incentive for the West to pull out their finger and organise an cracking plant offtake at premium price for a non-substitutable premium product.
" important caveat is it continues to be well managed, something that you might relate to as a PEK investor."... that's a bit unfair, PEK was cruelled by RE price slump first, then by Tanzania sovereign risk ownership grab over a few years, then Shenge buying a stake and undue influence outside the board's control. The west stood by and let Shenge pivot to a China-export concentrate deal instead of MREC plant and western sale. Then again, who is there in the west to off-take RE con or MREC product in volume right now?
Alistair speaks well and put runs on the quickly, I like his plan, but he went nowhere for Globe's investors all those years he ran their Kanyika niobium project in Malawi. Dare I say, "great deposits make great management" without offending anybody...
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