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4.7¢ vango mining limited

I think Kanye your reading is absolutely correct. Some people...

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Rockshell

103 Posts.

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21/03/22

14:39

Post #: 60319907
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Originally posted by Kanye: ↑

I'm struggling to understand why everyone keeps saying superior have a 50% earn in K2. From what I read they have the lesser of $3 Mio or 50% of capex. Surely capex to get K2 up and running is going to be at a minimum $30 Mio which means their $3 Mio gets them 10%. The only way they could earn 50% is if capex came in at $6 Mio or under. If they have to increase the size of their camp, build a processing plant and put all the necessary infrastructure in it is highly unlikely to cost less than $6 Mio. Am I reading this wrong.

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I think Kanye your reading is absolutely correct. Some people tried to muddy the water. But these are very specific terms. Lessor of means "Lessor of". If the Capex exceeds 6 million, the maximum Billabong can contribute is still 3 million. Vango may allow Superior to contribute more, but that's Vango's call.

VAN Price at posting: 3.4¢ Sentiment: Hold Disclosure: Held
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