$200m is deferred until they achieve a 35mtpa run rate over a whole qtr and $100m is the tax/other costs associated with the sale.
also check out what cliffs had estimated as the rehab closure costs before min saved its bacon. $220m back in 2018. What would it be now?
https://thewest.com.au/business/min...rly-exit-from-koolyanobbing-ng-b88844808z.amp
there’s also a $200m payment it needs to make on July 1 as per a recent ann. Then the tenements purchased from bci..
Net debt was $3.5b as at 31 Dec but only $1.9b June 30 2023. Avg debt in this CY so far would be substantially greater than last year which means the interest costs of $167m for HY ending Dec 2023 would be dwarfed in this HY ending 30 June 2024.
then you have IO being 16% lower in Mar qtr than Dec qtr (according to min quarterly for March 2024). Pilbara and yilgarn made $34 and $26 ebitda per tonne respectively in HY Dec 23 (as per presentation). EBITDA would be marginal at best in this HY and there’s still an other 6 months at yilgarn to go irrespective of whether it is making a loss or not.
The underlying npat was $196m for Hy Dec 2023. Lithium is much worse off now than the avg price realised during the last HY
Even $196m for HY gives it a massive p/e at the current share price.
I can tell you what I think it’s worth. Let’s just say I believe it was in a stronger position when it launched the takeover offer of AGO.
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$46.33 |
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Open | High | Low | Value | Volume |
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3 | 261 | 46.300 |
1 | 21 | 46.290 |
1 | 541 | 46.280 |
4 | 1190 | 46.250 |
Price($) | Vol. | No. |
---|---|---|
46.350 | 4600 | 3 |
46.370 | 1243 | 2 |
46.380 | 16 | 1 |
46.400 | 1260 | 1 |
46.440 | 515 | 1 |
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