new player in umc, page-17

markco2
there is an offtake agreement between NH and UMC where 100% of UMC's 25% share in alumina is picked up by NH at market value (not discounted).

im not convinced Bahrain fund is in it for the bauxite

reason:
there is no way (from a commercial business perspective) our mgmt team will mix the funding requirements & businesses of Fe and bauxite (in bauxite australia Pty Ltd) in 1 coy. Too much differing business & commercial risk.

UMC is gonna need 25% of $4billion ie $1b to fund the refinery and $550m for the Fe (ASSUMING rail built).

The $ invested are for Fe IMO