Well it seems that @eshmun was correct. Value didn't mean all cash. But those who suggested that the rehabilitation cost would be included in the 'value' were a bit suspicious. Rather it's a promissory note for $50m plus $50m immediate cash. The promissory note will be paid, maybe in 7 years time but at 6% interest, which is $75m in seven years and better interest than you can get from the bank.
The $200m of contingent upside includes $50m of gold price contingency the top tier of which is $140/oz in the money at spot. So you would have to back the company to get this payment.
The $150m contingent upside seems reliant on a disposal by EMR. Not sure about this and would welcome other input.
Cheers,
Tim
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