I'm out, unfortunately, @Bomber78. The CAPEX hurdle came in higher than I expected and is a mammoth ask for financing. I think QPM will be able to secure circa 70% of the CAPEX bill via debt, but the remaining 30% still amounts to circa A$600m in equity. That is logistically very difficult to raise with a sub A$300m market cap, even with the (excellent) support of GM et. al. and a first-class management team. I like this project a lot but, currently, I struggle to see how the financing will come together to achieve an FID. I'll return if/when financing is achieved (similarly to SRL). In the meantime, sadly, Indonesian HPAL may continue to fill the void, despite their enormous environmental footprint, until Western Governments' turbo-charge support. There is a disconnect here; investors are not stepping up to the plate to fund projects like QPM and SRL given the CAPEX-intensive nature of nickel hydromet, and nor are Western Governments, and thus the balance of power is shifting to countries like China who are bankrolling new projects for national security/advantage.
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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3 | 337416 | 0.033 |
4 | 963261 | 0.032 |
5 | 361918 | 0.031 |
24 | 1771697 | 0.030 |
Price($) | Vol. | No. |
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0.035 | 400879 | 8 |
0.036 | 575065 | 6 |
0.037 | 25910 | 1 |
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