Ann: Kupang Smelting Hub Facility Project Update, page-38

tt2000, I checked all your calculations and you are correct. The one variable that accounts for the less power requirement is that the amount of MC FeMn produced won't be anywhere near as high as the original plan of 31,640 tonnes pa. If you compare to the ramp up at OM Sarawak it took a few years to ramp up a furnace to full capacity.
The amount of 31,640 tonnes pa is 2 x 7MVA furnaces running at near absolute full capacity, it does sound great in presentations but in fact its never correct.
GMC management are obviously aware of the ramp up situation and therefore don't want to over commit in a  take it/pay for it  power agreement.
So I've give them full marks for that. It should not be difficult to reach the minimum requirement.
I did explain this in an earlier post.
"At least the power bill won't be much at a minimum of US$80,000 a month for the first two years, ramping up to US$400,000/month.
It sounds like there isn't going to be much production in the first two years, as 20MVA for 40hrs/month will only produce 260 tonnes of MC FeMn"

The GMC announcement did state the minimum number of hours that power has to be paid for, ie it has to be paid even if it isn't used.

"Both parties have agreed on the minimum hours of electricity usage per month based on a minimum payment of 40 hours per month (first 2 years); and a minimim of 200 hours per month (remaining 3 years)."   ( The bad spelling is copied from the announcement)

Obviously GMC can use more power than this, actually if they don't then the company will be in real trouble as 200 tonnes per month will not keep the turkeys fed. I would expect that GMC should have a run rate of 20,000 tonnes pa once they are over the initial start up.

As I mentioned earlier it does take time to ramp up, its taken OM Sarawak 4 years to reach full nameplate capacity, and the March Qtr 2018 was the first time that has happened. Yesterday OM Sarawak partner CMSB announced quarterly profits on the Malaysian Bursa, and its all over the news in Asia, the profits for the Quarter for OM Sarawak was close to $50 million.