Hi Zip,SW did mention the name Blackrock Investment Management...

Hi Zip,

SW did mention the name Blackrock Investment Management in passing in that video.

Obviously it looks like they have taken on less than 5% which is hardly surprising given the steady rise in our MC.

If you aren't already aware Blackrock is one of the largest fund managers on the planet!

There could be others that have come onboard as well of course.

I agree its a no brainer for Vingroup/Vinfast to eventually become an equity participant in at least the DBU given its need to lower its unit costs so they can offer their cars globally at a lower price to their competitors which will be necessary to penetrate the markets of well known brands.

In terms of the UBU valuation which will be announced in PFS in the next 4-6wks, the updated MRE and confirmation that they are now looking at an 8mtpa concentrator allows us to now estimate a 13-15yr LOM and an NPV(8) of circa AUD $1-1.2bn(and that's still using conservative assumptions on capex/AISC/Ni price etc).

Thus when we de-risk the refinery process and JV partners are announced the market will then start to give us credit for the DBU PFS NPV(ie at least 2bn USD but likely much higher).

As Rick has mentioned many times our relationship with both govt(at all levels) and local business/community is the key to our future success and in particular the rails run to articulate in any upside that Chim Van may offer(don't forget SW's quotes "CV could be company making on its own" and "there will be nickel and PGE's in that area given the outcropping already noted and tested".

In this context I would expect our MC to be 2-3x the current level by mid 2022(significantly higher if CV really comes up trumps).


GLTAH DYOR HNY