No that is not correct. Sunrise has a negative operating cost. So when Sam talks about cost he means capital cost. The gap to be financed is 655m us. That is 36.4% of the projects capital cost. This means the equity partner gets 36.4% of production for a defined period and a fixed total volume. The total volume of cobalt and nickel agreed effectively fixes what they will pay per ton. What it does is fix the equity partners cost per ton for the duration of the agreement. So it hedges the price to market. It just depends what the volumes are that are agreed. Will the equity partner be prepared to pay a premium to current spot for get the price fixed and access to the 7500 us credit?
I think they will.
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No that is not correct. Sunrise has a negative operating cost....
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