The $3.1 billion sale of Jubilee split was roughly $1 billion for Sinclair and $2.1 for Cosmos. Xstrata were then kind enough to spend another $100 million on plant and equipment and sell it back to TLM for $10 million. The fact Glencore recently sold Cosmos for $24 million with no interest to buy from TLM when surely they would have had access to negotiate is to me a sure sign TLM know what they have in Sinclair.
I'm not sure that adding Xstrata/Glencore's proceeds from drilling gives a positive ROI on $3.1 billion when sold for $34 million. I am more upbeat about what TLM can return on our $10 million investment.
Sinclair, page-12
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