Yeah I mean it’s not unreasonable, though with a discount for uncertainty until the funding is actually secured. Also though, 15% of a likely minimum $1.5billion - $2billion USD NPV project. Also heavy discount for now until several more de-risks, but that style valuation has to come into play too. Market just won’t buy anything MGU sell till ground is actually broken to construct this it seems.
Ann: Funding Round for Green Pig Iron Project in Saudi Arabia, page-79
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