Ann: Obeikan Group executes Shareholder Agreement, page-9

By my rough calcs at the current and forward LHM prices Wolfsberg would lose approx USD5,000 per tonne of LHM or about USD44m/yr.

I just can't see who would finance the capex for a project that will also require a subsidy of USD44m/yr just to break even (ignoring any discount to be negotiated with the Saudis and already agreed with BMW).

I've been looking at a trade in EUR based on the CRML arbitrage but cant value Wolfsberg at anything but zero. I do see a possibility for value with the Tanbreez asset though but not sure how to value this.

From the DFS:



LHM futures pricing: