Given todays deal.
Will the chinese be forced to lob a bid to increase their ownership of cobalt supply?
$40M free cashflow at 11 percent of RAMU.
If their assumed $100USD in debt and lobbed a bid at 20 cents they would be paying less then 10 times earnings. They will get flFrieda and other assets for free.
Ann: Highlands Placement and Ramu Refinancing, page-33
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