They're just doing the early works in Q2, total capital cost is estimated to be $31M. The business won't generate enough free-cash flow if they want to hit the completion date of March 2024 if it's entirely self funded, so NAIF is mandatory. Middle 2024 it'll be easily 4x the price if it hits production specs but bit of a risk if design or budget blows out. If they could find more reserves could run both stage 1.5 and a stage 2 plant, pretty sure there will be demand but that's like for 3 years down the road.
Ann: First Shipment of Ardmore Phosphate to Asian Market, page-9
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