RE:RE:RE:Stars aligning in favor of the projectI couldn’t agree more with P. Epstein financial analysis (and thanks for that Mr. Epstein):
https://www.investorideas.com/news/2022/mining/02036Phosphate.asp “Arianne is trading at ~4% of its pro forma after-tax NPV (8%) - at today's phosphate prices - and ~11% of the base case NPV. This is absurdly cheap compared to similar-stage, world-class natural resource projects.
And there are a coupe of non-quantified aspects that are missing from this picture: since the original study, significant additional theorical resources have been identified on the site, around 80% more! Operational costs have been optimized (USD$4.26/t) and all permits obtained.
BUT, MOST IMPORTANTLY, world geopolitics are a SIGNIFICANT gamechanger here, bringing the valuation of the project outside purely rational financial territories.
We’re somewhere else now.