That research note says MAK's share in Namibia project is worth $1.40. Is this unrisked or risked value?
What about value of the Wonarah project which is the subject of the NMDC JV? The two are separate projects I thought.
It's not that NMDC is buying half the whole company. If NMDC got shares in MAK in exchange for providing debt funding, it would indirectly be getting exposure to Namibia, am I right? It would be fairer that NMDC's loan be secured solely against Wonarah (project finance) but I'm not sure if they are going for a stake in Namibia too?
A bit confused.
That research note says MAK's share in Namibia project is worth...
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