My interpretation of the announcement is that there will be a...

My interpretation of the announcement is that there will be a second investment. There is the requirement for US 14.5m as they appointed XRAM as the EPCM contractor to deliver the Kupang Smelting Project.
A very positive announcement clearly stating that the project is happening and although we are in suspension they continue to work hard behind the scene. The whole project is lined up just requiring some funding which wont be a problem.
For me funding a project like this was never a concern for me. The risk I have always seen is the price of Manganese. The price has gone thru the roof so getting investors would not be an issue.


Going back to the Smelter Study - the cost of production is US$ 793T - "Gulf has used a selling price of US$ 1,100/tonne high carbon alloy which produces an NPV of US$ 160.6 million."
Currently the price of manganese high carbon alloy is $1800T
So 2 smelter producing 30,000t at production cost of $800t and sell $1800T would be a $30million pa profit just on the first 2 smelter.
So getting investors in on project that will make $30m pa with only 2 off 8 smelter will not be a problem and not something Pak would want to miss out on. With 2 investors on board I sure there will me more pressure to add additional smelters sooner to take advantage of the higher manganese price cycle we are in.
DYOR IMHO