The study states that the plant will produce 320 MTPD of green...

The study states that the plant will produce 320 MTPD of green ammonia. This ammonia will be used to create 730 MTPD of low-density ammonium nitrate and 980 MTPD of calcium ammonium nitrate. I have collectively referred to these as nitrate products with a single sale price.

The $250 USD spot price is a conservative benchmark, noting that the price is indexed by 3% each year for the discounted cash flow analysis.

The corporate tax rate in Angola is currently 25%. This rate could be reduced through cleaver corporate structures or a Government sanctioned discount. However, there is no evidence that a reduced tax rate will apply noting that the Government has already provided MNB with a great electricity tariff over the next 25 years.

The study's capex estimate has an accuracy range of +/-35% and does not include spare parts, lab equipment, custom duties and other costs. As such, I have applied 35% increase.

Even with these relatively conservative assumptions, the project still has an attractive NPV being close to $1 billion AUD! I implore others to experiment with various input figures given the project's NPV is highly sensitive to capex, sale prices etc.

Bring on the pre-feasibility study!