Lots to like in this report. Hardman and Co are obviously true believers.
That 20% guaranteed margin over cost of production has to be a winner
"The deal with Woojin is take-or-pay and sets a floor price at 20% over cost of production, so that on present estimates the minimum sales price would be US$3.04/lb or US$6,693/t. On this basis, at full production and for the life of the mine, TNG has secured a minimum annual revenue stream of US$70.5m"
Ann: Hardman & Co Research Report, page-20
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