Hi HongFang. The offtakes are good because they provide a financier with certainty of product demand. Big tick there. But in the context of talking IRR’s, NPV’s etc, the offtakes make no difference because they’re set at the market price. If the market price is half of what the DFS assumed, guess what: those IRR’s and NPV’s are gonna look vastly different.
Unfortunately in the DFS they neglected to show the impact in IRR in the sensitivity analysis. But you can see a -40% adjustment in the Li price assumptions reduced post-tax NPV from €2.6B to approx €1.25B.
The post-tax IRR was only 26% to start with, which is why I’m guessing they didn’t want to show the impact on IRR in their analysis.
Ann: European Investment Bank proposed EUR500m ($825m) financing, page-39
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