Labor's $1b hydrogen plan zeros in on Qld, page-49

GW’s latest 4C update said: “As we progress in 2019, Mineral Resources and Hazer will agree the full commercial terms for the licence agreement to use the Hazer Process, including details of the proposed royalty agreement, necessary to support Stage 2 and 3 of our Collaboration Agreement.”

It means they’d have the royalty nailed down as they agree to enter Stage 2, for the 1Ktpa plant. My understanding is they’d communicate it then, but would you expect them to still hold back? Because if they did, I’d actually feel pretty conned.

What are you thinking the royalty will be? We’ve been working off 15% from the State One report. Hazer’s not commercial now - no royalty, no income, a pilot plant in assembly, and a database of unpatented secrets. I thought Stage 2 would provide some commercial certainty, so why would it sink the price?