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$3.06 pilbara minerals limited

Hi Christopher - a ‘bullet’ or ‘balloon’ payments at the end of...

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SimonGr

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30/05/19

13:34

Post #: 38824871
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Originally posted by ChristopherC: ↑

Hi Simon,

I took my amortirization rate from the announcement of 13 jun 17, and it clearly stated 100m US with a due date of 2022 and said years one to three interest only, years 4 and 5 amortization of 50 % over that period and a bullet payment at expiry date of June 22 which i assumed would be the 50% balance, so included all 100 %, although happy to be corrected if i have either misunderstood the wording on this announcement or if there has been any announcement since that flagged a change in amortirization.
On the costing side i took a rounded 300t as a realistic expectation rather than anything announced, as i thought the company would be in their right to use a figure which is realistic based on ramp up of production and had built in contingency for cost overuns but you are correct that they intimated that costs including freight for LOM of $207 US so happy to concede that this could be the figure used.
Thinking about this more, lets say current prices are somewhere in the 600's per tonne US, then PLS is making good margin and there is some margin we can afford to loose if 6% Spodumene prices come off some more without detrimental effect on profitability and i am sleeping very well at night.
I also believe that prices still have a little more to come off as it seems battery chemical prices continue to come down, but as demand for batteriez grows, more chemical plants will come on line increasing demand for our spodumene.
I would love them to make their decision regarding the JV with posco as soon as possible as these demand optics scream the need for more chemical facilities and would love them to get on with it and not delay. Happy also that they are looking at potential of getting into a second facility, but i would say that this is more a 50/50 chance of happening.

Christopher

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Hi Christopher - a ‘bullet’ or ‘balloon’ payments at the end of loan periods aren’t normally considered as amortisation payments. See https://en.m.wikipedia.org/wiki/Bullet_loan for more info. Hence I only used the 50% amortised component in my calc and not the 50% bullet repayment.
Simon

PLS Price at posting: 74.0¢ Sentiment: None Disclosure: Not Held
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