What dividends do they expect from Moa in 2023 ?What missed from the call was their expectations for Moa dividends in 2023. They received 57 mm in the 4th quarter, in essence the second half. So they are run rating at 114 mm distribution. Thinking about it : they received 18 mm in dividend (Cobalt) in the first month. The fund flows are accelerating.
And the cobalt swap is done monthly, so this introduce the notion of monthly dividend from Moa.
Note that at current nickel price, Binedell saw no problem whatsoever for Moa to distribute extra cash should the cobalt received be worth less than the deemed annual value for the swap. They do generate a lot of cash, I will take that instead of earnings.
GLTA