Li3Energy | ||||
KCL+LCE | ||||
Salar de Maricunga | price KCL | 425 | US$/ton | |
Cash flow (USDm) - 100% | price LCE | 5.6 | US$/kg |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | Total | |
Production KCL ton | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 1,080,000 | ||||||
Production LCE ton | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 425,000 | |
Revenues KCL | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 0 | 0 | 0 | 0 | 0 | 459 | |
Revenues LCE | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 140 | 2,380 | |
Total revenues | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 178.25 | 140 | 140 | 140 | 140 | 140 | 2,839 | |
unit cost KCL inc transport cost US$/ton | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 2,550 | |
unit cost LCE US$/kg | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 34 | |
Opex KCL | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 0 | 0 | 0 | 0 | 0 | 162 | |
Opex LCE | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 850 | |
Total opex | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 63.5 | 50 | 50 | 50 | 50 | 50 | 1,012 | |
G&A | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 51 | |
gross income KCl | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 0 | 0 | 0 | 0 | 0 | 297 | |
Gross income LCE | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 1,530 | |
Total gross income | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 111.75 | 87 | 87 | 87 | 87 | 87 | 1,776 | |
D&A KCl | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 90 | ||||||||
D&A LCE | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 100 | ||||||||
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
PBT | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 92.75 | 111.75 | 111.75 | 87 | 87 | 87 | 87 | 87 | 1,586 | |
Taxes | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 22.4 | 22.4 | 17.4 | 17.4 | 17.4 | 17.4 | 17.4 | 317 | |
Profit after taxes | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 74.2 | 89.4 | 89.4 | 69.6 | 69.6 | 69.6 | 69.6 | 69.6 | 1,269 | |
Capex KCl | -90 | -90 | |||||||||||||||||
Capex LCE | -100 | -100 | |||||||||||||||||
Total capex | -190 | -190 | |||||||||||||||||
Maintenance capex KCl | 3 | 3 | 3 | 3 | 3 | 15 | |||||||||||||
Maintenance capex LCE | 2 | 2 | 2 | 2 | 2 | 10 | |||||||||||||
Loan | 0 | 0 | |||||||||||||||||
Loan repayment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Cash flow | -190 | 93.2 | 93.2 | 93.2 | 93.2 | 93.2 | 93.2 | 93.2 | 93.2 | 93.2 | 88.2 | 84.4 | 84.4 | 64.6 | 64.6 | 69.6 | 69.6 | 69.6 | 1,244 |
NPV (8%) | $ 610 |
IRR | 49% |
preparado por Campos Mineral- Enero 2013
Li3Energy | |||||
Potash project 100% | |||||
Salar de Maricunga | Potash price | 425 | US$/ton | ||
Cashflow | US$ millions |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | Total | |
Production KCL ton | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 90,000 | 1,080,000 | ||||||
Total revenue | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 38.25 | 0 | 0 | 0 | 0 | 0 | 459 | |
Unit cost KCl (inc. Transport cost) $/ton | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 150 | 2,550 | |
Operating cost | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 0 | 0 | 0 | 0 | 0 | 162 | |
Gross income | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 24.75 | 0 | 0 | 0 | 0 | 0 | 297 | |
Administrative expenses | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 24 | ||||||
EBITDA | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 22.75 | 0 | 0 | 0 | 0 | 0 | 273 | |
Depreciation | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 90 | ||||||||
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Profit before taxes | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 13.75 | 22.75 | 22.75 | 0 | 0 | 0 | 0 | 0 | 183 | |
Taxes | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 4.6 | 4.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 37 | |
Net income | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 | 18.2 | 18.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 146 | |
Capex | -90 | -90 | |||||||||||||||||
Cash flow | -90 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 18.2 | 18.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 236.4 |
NPV (8%) | $ 59 |
IRR | 19.50% |
IRR sensitivity to price | NPV sensitivity to price | |||
Price | IRR | Price | NPV | |
19.50% | $ 59 | |||
330 | 9.64% | 330 | 8 | |
350 | 11.87% | 350 | 19 | |
370 | 14.00% | 370 | 29 | |
390 | 16.05% | 390 | 40 | |
410 | 18.04% | 410 | 51 | |
430 | 19.98% | 430 | 62 | |
450 | 21.88% | 450 | 73 | |
470 | 23.73% | 470 | 84 | |
490 | 25.56% | 490 | 95 | |
510 | 27.36% | 510 | 105 | |
530 | 29.14% | 530 | 116 | |
550 | 30.89% | 550 | 127 | |
570 | 32.63% | 570 | 138 |
Resumen evaluación alternativas | cifras en US$millones |
Producir solo KCL | 74 | 28 | 14 | 400 | 150 | 5.6 | 2 |
Producir solo LCE | 145 | 383 | 41 | 400 | 150 | 5.6 | 2 |