Hi Andres, nothing has changed ny mind about a 100% asset bid.
- Noble interest
I think the cap raising deal (when we were between a big rock and a very hard place) is a good deal under the circumstance. Without that $40M, not only would we not have negotiation leverage, we would have been buried alive.
Either outcome (100% asset sale --> change-of-control or project development), Noble wins BIG TIME.
- infrastructure BOOT debt funding
Not really relevant to SDL in a 100% asset sale scenario. (which is what I expect). This is really relevant to a non-China outcome. If China gets the assets, Chinese state enterprises will build and own the EPC/mine infrastructure.
- interests of players
Competition is definitely there (there would have been no tender if there weren't and CDB term sheet rubberstamped by late 2012 without all the BS delays - which were not delays as such but China's manouvering for the new reality)
- offtake...who gets what and on what terms
Not relevant in a 100% asset sale. Winner owns the ore.
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- itabirite - 9 to 13 billion tons
itabirite - 9 to 13 billion tons , page-19
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