Ann: Capanda Green Ammonia Project Update, page-248

This is one of the lowest capex to NPV and cash flow projects that I have ever seen and someone is trying to make a big deal over interest rates on a loan which the company will probably be able to pay off in under a year of operations.
Total upfront Capex was just over US$50mill. Only US$26 mill of that remains to be borrowed as the rest was paid in cash from past cr's.
Potentially around US$26mill debt on a project with an after tax, base case NPV of US$202mill or A$310mill.
The ratio of total debt to NPV is excellent.
That quarter report was very positive with a big increase in early year production volumes.



Anyone that ignores all the positives including very low capex vs NPV (and expected cash flow), to focus on interest rates and current cash on hand is being very biased in their opinions.