HIG owed $129mil on the Ramu debt to the Chinese last Dec which...

HIG owed $129mil on the Ramu debt to the Chinese last Dec which bears interest at around 5%pa which is capitalised to the debt. So if the annual operating cash surplus for the project is $200mil then our share is $17mil and 80% of that is credited against the loan and HIG is entitled to receive 20% in cash but that part of the deal is up for re-negotiation later this year so we mightn't get that 20% in cash.
So at 31Dec17, lets say interest of $6mil and no cash received, so balance will be $118mil. Getting that nickel price up from $10,000 to say $15,000 would get our share of the annual surplus to over $30mil and absolutely kill that debt. And once the debt is paid off, our share of the project goes to 11.3%.