Many thanks for this, Popeye.
As I remain sangria-soaked, I merely opened the Emerson presentation.
Slide 7 lowest capital intensity per ton: Sierra del Perdon and Muga - a profound and enduring advantage.
Slide 8 'Royalties, transport and logistics make up 60-70% of Canadian delivered cost to Brazil.' Ahem. Bilbao to Brazil costs would be competitive with Morocco to Brazil. Plus Muga has a multi lane highway to port, rail, power, skilled labour, significant local demand and no royalties.
Slide 14. Cost of mine decline: Highfield $22m. Emmerson $327m. BHP $2.6b (!)
________
We have no news flow from HFR while they figure out what to do next. Sell out to a big European ferts producer? Build the mine and a European fertiliser business?
To build will require a dilutive capital raise, which they would avoid if selling the project. So we have to sit and wait while HFR is quietly offered around.
Ash
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