They hinted at a comparable reduction in plant CAPEX to the improved recovery rate of vanadium from 90% to 98% however they don’t quantify a decrease in CAPEX.
If there is a material decrease in CAPEX of $126M (15%) as the bar chart suggests, it needs to be disclosed accurately to the market in absolute terms, not hiding in a graph.
If this is the case, amend the slide so CAPEX reads $844M, not $970M or remove the slide as it is misleading and confusing.
Given we have such a high financing hurdle to overcome, a $126M reduction in that $1B hurdle is something to put up in headlights in my experience.
Given yesterday’s debacle, I’m looking for clarity. CAPEX of $970M or CAPEX of $844M?
Maybe you can put in a call Morry.
Ann: Replacement presentation - Diggers & Dealers, 2016-TNG.AX, page-43
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