Bobo schreef op 3 jun 2019 om 19:02:
Bij lage FeV prijzen zijn vooral de fees die AMG ontvangt voor de recycling van katalysatoren van belang. Daardoor kan AMG ook bij zeer lage prijzen op Ohio 1 en straks ook 2 dik verdienen. Zie deze passage uit het earnings transcript:
Now to vanadium, I want to upfront make a point to avoid a misunderstanding. When we are expanding Cambridge 2 or building Cambridge 2, doubling the capacity in Ohio, we're looking at a very thorough decision-making process and a very thorough negotiation process with various suppliers. The key element of vanadium, in our case, recycling of recycling, is the recycling fee. We are not a mine. We are extracting metals, but the first thing we extract is a fee. And the fee has seeable volatility in the short term because it's contractually fixed and it is trending upwards because of the negotiations of supply contracts. And it's the most important element of profitability of our vanadium activity. Without this recycling concept, we wouldn't necessarily invest in the happy guys who enjoy volatility. We have 3 metal price strains, and we have, most important, the recycling fee strain. We are paid to take the material. We have negative mining costs. So a mine has necessarily positive mining costs because it's a mine. A recycling plant is heavily structured and negotiated, is
positive at extremely low if not negative vanadium prices. The recycling fees are expected to increase. And why is that? That is because, globally, the spent catalysts are following fresh catalysts. If you will envisage a fresh catalyst, 18 months later, you have a spent catalyst. And the spent -- the fresh catalyst market, over the next 6 years, is supposed to increase from an order of magnitude, fresh catalyst, of 200,000 tons to over 350,000 tons.