enamco, page-23

Don't really agree there MJS.

They have to agree on a price, and based on that they either go ahead with the deal or not. I can't see any way of staggering the working out of the participating interest over time. They may pay it back over time but not work it out over time imo.

And 100 million is way way way too low. They paid 250 million for the Bisha mine which was based on a 13 year mine life. At 1 mtpa we would have a mine life that would last generations.

At the current 1 mtpa you would be looking at about 420 million for a 33% share of the NPV. Lorry wouldn't be looking after shareholders interests if he sold for that price imo as it only accounts for a small 20% of the resource and at the very low end of production capability.

Who knows what they will come up with as fair value but it will be well north of 420 million imo.

In short, my hopes are a lot higher than yours and I would be bitterly disappointed if they sold for 100 million. That's chicken feed for a Tier 1 asset. And I bet Azure and Lorry know it.