great news, page-2

Thanks for posting L1. This is great news for the project.

It will certainly add value to the project economics that were touched on a couple of months ago when we were given figures for royalties (4%), tax (35%) and depreciation (95% in first year) for the first time.

By example, regarding depreciation, at say 5Mt in year 1, and a FOB margin of just $30 p/t, the rail spur would be paid-back in tax-free income to the tune of $150m in the first year.

Seeing what Burston and Ariti have done at CFE and AKI gives me solid confidence here in respect to EIO's pathway and the Nigerian govt certainly looks to be very keen to get these pioneer projects underway.