Great to see the company work hard with Posco to have this finalised before year end.
One will always have an opinion on price + equity amount in the transaction, however it's worth noting how significant a partner of this caliber is for Blackrock. Whilst there are a couple more milestones to now fall into place, by formalising Posco as an equity partner in the business who is also committed to long term purchase contracts + first right on product from future supply modules + giving the business access funding for capex, this announcement today has substantially derisked the project for BKT management and shareholders.
So the list of milestones continues to be ticked off in good time and with great outcomes -
- Posco DD concluding and a positive outcome deemed / progressing to a formal investment - Complete
- Formal investment terms agreed by both parties, obviously the stage 1 equity investment from Posco - Complete
- Formal offtakes received + the potential for a capex prepayment - Complete
- Government free carried interest finalised,
- A formal offer from the Tanzania Investment Bank - TIB to play a role with debt funding for the project.
- Fund for remaining capex amount required to build Stage 1
I suspect the remaining three will fall into place pretty quickly from here. It will be interesting to see how much appetite the TIB has - $20mil - $50mil facility???
We haven't even seen the re-rate start for BKT with a current market cap (including Posco's shares) now sitting at ~$80mil (not taking into account any unlisted options). My guess is that we will see this more towards the $250mil (3x the current price) in the coming months
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