Thanks for the link to the report, making my way through it now....

Thanks for the link to the report, making my way through it now. One of the first things that jumps out at me is the reduction in OPEX that could be realised with the building of the new dedicated port (although perhaps it will be used by other Eritrean industry too, why not?) at Mersa Fatma. The report makes the case that OPEX could drop by over US$50/t due to reduced transportation and logistic cost. At 472ktpa of SOP production in Module 1 that is something like an extra US$23m per annum before-tax FCF to the joint-venture and then of course approximately US$11.5m post-tax FCF to Danakali per annum. I suppose the new port wouldn't be built until after Module 2 (is that correct) and would the OPEX saving would then be worth even more per annum. At the Module 2 production rate of just under 950kt per year of SOP that US$50/t transportation/logistics savings on the OPEX is worth approximately US$47m per annum to the joint venture. The report estimates the port would cost around US$100m to build so would pay for itself in OPEX savings in just over two years. This is of course all very rough and merely estimates but it's a big additional value catalyst should it be realised. Over the (current) projected life of the project that's billions of extra dollars in FCF to the joint-venture.