Davo
Great Post. One of the best I have seen on HC.
The only drama I see, from an offtaker paying upfront, is that they have no security or collateral.
Another may be for FAS to sell part of its 50/50 JV with Alliance.
If we assume that there are 20M MT and FAS share is $20/MT = $400M.
An offtaker may put up $65M for a 20% - 25% stake.
That would mean offtaker 20%, FAS 30% and Alliance 50%.
Who knows how they will get it otherwise
Wishing all FAS Holders good luck
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