RE:RE:RE:RE:RE:RE:RE:Drosrite Int'l /Radian's payment Directly from Ma'aden 2023 annual report. Make of it what you will. If indeed they're talking about Radian and ultimately PYR it seems like it's finally all coming together.
"19.1 Build Own Operate Transfer Contract agreement (“BOOT agreement”):
During the year, the Group obtained the required permits from the Royal Commission for Jubail and Yanbu for the construction of dross processing plant facility (the “Plant”) inside the premises of one of its subsidiaries. A third-party contractor (the “Contractor”) was engaged under a ‘Build Own Operate Transfer Contract’ agreement (“BOOT agreement”) to carry-out the construction of the Plant. Under the terms of the BOOT agreement, the Contractor will build, own, and operate the Plant for a period of 20 years after which the Plant will be transferred to the Group. The Group is required to make capacity payments to the Contractor which are contingent on the annual volume of dross processed from the Plant, from the date of commencement of commercial operations of the Plant. The expected commencement date of the Plant is by 2024.
Based on management’s assessment of contractual rights and obligations under the BOOT agreement, management concluded that the Group controls the Plant from its construction till the end of contract period. Accordingly, the Group has accounted for the Plant as ‘Capital work-in-progress’ valued at the fair value of future capacity payments discounted at the Group’s cost of debt against a corresponding financial liability."