...Arithmetic: they have raised >AUD$750M for this operation to...

...Arithmetic:

• they have raised >AUD$750M for this operation to date;
• >AUD$640M of net assets at this stage;
• ZERO net debt;
• Still have >AUD$80M working capital at this stage;
• >50 years of reserves- be interesting to contextualise the current 'blib' in 10-20 years from now;
• Current Market cap <AUD$300M- that is >50% of NAV;
• Management Team: Well, this is not factual, but the fact that they haven't financed this venture via debt, makes them geniuses in my eyes...especially in this tempestuous commodity market;
• Bottom line: They can probably buy the product for lower price than they can produce @ this stage ... hence, makes more sense to put facility on C&M and honor off-take agreements via market purchases & hopefully re-balance demand/supply in the process. This venture is worth a lot more than 70c for the right suitor... and there are significant strategic synergies to be crystallized over the next 2-20 years if merged with the right suitor... but what is most important is that they can at least afford to sit and wait at this stage for the commodity market to turn or for an attractive takeover offer...

...now the narrative:

• well just read some of the circa 2000 of myopic posts before this one...

QED... hopefully...although still my humble 2 cents