Congrats to the ZEO team on delivering a highly encouraging PFS.
This document doesn’t just validate the commercial and technical strength of the AusPozz project — it effectively provides a valuation benchmark for potential acquirers.
”It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce the Company’s proportionate ownership of the Project.”
A full or partial project sale remains a live and plausible scenario.
In the event the company sought to finance the project CAPEX via debt, I’d confidently bet most infrastructure lending teams at major banks would lend 80- 90%
For those who’ve been tracking ZEO’s movements — especially the rapid rise of SCM in the decarbonisation of cement — it’s hard to look past Holcim or even Boral as likely buyers. Both have been actively sampling AusPozz in recent months.
Timing could be key — the Chinese (via MSI) are also circling with a large DSO MOU, and any binding offtake deals could complicate a clean acquisition path.
The PFS is loaded with positives:
• $406m NPV (after tax)
• 42% IRR
• 20-year mine life
• $115m capex / 2.1 yr payback
• Q1 2029 full-scale AusPozz production
• DSO sales starting as early as Q1 next year • DFS in 6 months
• Sales price estimates of $403/t (AusPozz) and $196/t (DSO)
• 65 active sales/specifier leads already in play
This project is becoming increasingly strategic — both economically and environmentally — and we may not have to wait long before someone moves to secure it.
A hot space to watch in the months ahead.
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