Pilgan plant improvements, lifting production to 380kt, capex $19 mill, already spent. Ngungaju plant restart in Q4 2021 nameplate ~200kt, capex 39 mill, ramp to nameplate by mid 2022 CY. Company has $117 mill cash on hand.
Just sold 10kt on BMX platform for $1,250pt (AUD$1,700) gross margin estimated at AUD$1,156, thus $11.6 mill banked, expecting another sale end of this month, assume same, another in September, and capex on Ngungaju plant improvements, mostly covered. Note the company has stated its likely to sell all Ngungaju plant production on the BMX platform for the foreseeable future, thus at nameplate, annualized gross margin expected to be AUD$231 mill.
Pilgan plant pumping out 380kt from start of next quarter, with annualized gross margin of AUD$132 mill. Carried forward losses of just over $200 mill, so not tax payable on gross margins until said losses recouped.
They will probably need to raise debt and/or capital to participate in POSCO JV, 30% ownership in a hydroxide plant, with first production expected early 2023 CY.
So plenty of income streams coming online throughout the next 17 months.
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