SECTION EIGHT: FINANCIAL OVERVIEW
JMIG Port & Logistics Infrastructure - Forécariah, Guinea
First Phase Development - Climate-Resilient Deepwater Port
1. PROJECT CAPEX SUMMARY
Total First Phase Investment: €210 Million - Fully Costed
| Component | Description | Estimated Cost | % of CAPEX |
|---|---|---|---|
| A. Access Infrastructure | 5km Climate-Resilient Access Road (Almamyah - Port Platform), drainage, lighting, weighbridge | €45M | 21.4% |
| B. Marine Structure | 2km Offshore Bridge (piled) + 450m x 50m Port Platform, berthing dolphins, fenders | €95M | 45.2% |
| C. Port Equipment | Mobile harbour cranes, forklifts, 5,000m2 cold chain, 10,000m2 warehousing, fisheries processing, power & water | €28M | 13.3% |
| D. Environmental & Social | Full ESIA, IFC Performance Standards 1-8, Resettlement Action Plan, Biodiversity Offset, Maritime Safety | €12M | 5.7% |
| E. Contingency & Management | 15% Physical & Price Contingency, PMC (Egis/BRL), Legal (OHADA/EU), Insurance, Lender's Advisor | €30M | 14.3% |
| TOTAL | First Phase - Ready for DFI Closing | €210M | 100% |
2. FUNDING STRUCTURE - EU GLOBAL GATEWAY BANKABLE
| Source | Amount | % | Status | Instrument |
|---|---|---|---|---|
| Consortium Equity (Host) | €31.5M | 15% | Committed - Proof of Funds | Common Equity |
| DFI Senior Debt - EIB / Proparco | €126M | 60% | Under Appraisal - EU Global Gateway Infrastructure Envelope | 18yr Senior Debt @ 6.5% |
| Climate & Blue Economy Grant | €21M | 10% | EU-Africa Infrastructure Fund + Blue Economy Window | Non-repayable Grant |
| Commercial Debt / Off-taker Pre-finance | €31.5M | 15% | Advanced Discussion with Bauxite Off-takers | 7yr Pre-export Finance |
| TOTAL | €210M | 100% | Financial Close Target: Q2 2027 |
Consortium shareholding structure as defined in Section Nine: Board & Chair Representatives. Individual equity contributions are subject to private Shareholders Agreement and not disclosed publicly.
3. REVENUE MODEL (25-Year Concession + 10 Year Extension Option)
A. ANCHOR REVENUE - BAUXITE (Bankable Off-taker)
- Volume: 5 MTPA Year 1, ramping to 8 MTPA Year 3 (Conservative - based on Forécariah bauxite corridor demand)
- Tariff: €8.0 / ton all-in (handling, storage, loading)
- Revenue: €40M Year 1 → €64M Year 3
- Contract: Take-or-Pay 10-year with Tier-1 miner
B. DIVERSIFIED REVENUE (Climate-Resilient)
| Revenue Stream | Driver | Year 1 | Year 3 Full Ramp |
|---|---|---|---|
| 1. Container & General Cargo | 120,000 TEU + Bulk minerals | €22M | €32M |
| 2. Logistics Corridor Toll | 800 trucks/day @ €50 avg | €14.6M | €18.2M |
| 3. Cold Chain & Warehousing Lease | 5,000m2 @ EU-certified -80% utilization | €15M | €22M |
| 4. Fisheries Export Fees | 50,000 tons certified export @ €120/ton | €6M | €12M |
| 5. Marine Services | Tug, Piloting, Bunkering, Fresh Water | €12M | €19.8M |
| SUB-TOTAL DIVERSIFIED | €69.6M | €104M |
TOTAL PROJECTED REVENUE:
- Year 1 (Conservative - 60% utilization): €115M
- Year 3 (Full Ramp): €168M
- Year 5 (With 2nd Berth): €195M
Concession Period: 25 years + 10 year extension at Government of Guinea option
4. FINANCIAL INDICATORS - WITH BAUXITE ANCHOR
- IRR (Project, Post-Tax): 28.4%
- IRR (Equity, Post-Tax): 34.7%
- NPV @ 10% Discount: €312M
Explanation: After spending €210M to build, the project generates €522M of cash in today's value. NPV = €522M - €210M = €312M net profit in present value. NPV > 0 means project earns MORE than 10%.
- Payback Period: 4.1 years
- DSCR (Avg / Min): 2.40x / 1.85x
- LLCR: 2.65x
- EBITDA Margin: 62% after Year 2 (68% after Year 4)
- EBITDA Year 1: €71.3M
5. OPEX & SUSTAINABILITY
- Annual OPEX Year 1: €22M (was €16M without bauxite heavy equipment)
- Maintenance & Dredging: €7M
- Staff (150 direct): €4.5M
- Energy (Hybrid Solar-Diesel): €3.5M
- Insurance, Security, Admin: €7M
- Climate-Resilient Design: Elevated platform +3.5m LAT, reduces lifecycle cost by 22% vs conventional
- OHADA & DFI Reporting: Sage Comptable 100, IFRS, EIB/Proparco ESG standards - Managed by Finance Lead Ms. Mariama Ciré Sultan Bangoura
- Carbon Credit: Estimated €2.1M/year from cold chain solar + mangrove offset
6. USE OF FUNDS - NEXT 18 MONTHS (Phase 1a: €15M)
| Phase | Timeline | Amount | Deliverable |
|---|---|---|---|
| 1a-i | Q4 2026 - Q1 2027 | €5M | Detailed Design, Bathymetric & Geotechnical Survey, Marine EIA |
| 1a-ii | Q1-Q2 2027 | €6M | Full ESIA, IFC PS Compliance, Resettlement Action Plan, PPP Concession Signature |
| 1a-iii | Q2-Q3 2027 | €4M | Lender's Technical Advisor, Financial Close, EIB/Proparco Credit Approval |
| TOTAL Phase 1a | €15M | Ready to Construction |
7. SENSITIVITY ANALYSIS
| Scenario | Revenue | NPV @10% | IRR Project |
|---|---|---|---|
| Base Case - 5 MTPA Bauxite | €115M Y1 | €312M | 28.4% |
| Downside - 3 MTPA Only | €89M Y1 | €178M | 21.2% |
| Upside - 8 MTPA Bauxite | €145M Y1 | €428M | 33.1% |
| Without Bauxite | €38M Y1 | €42M | 13.1% |
Bankability Note: Even in downside (3 MTPA), DSCR stays >1.5x - Project remains bankable without bauxite.
8. FINANCIAL GOVERNANCE
- Finance Lead: Ms. Mariama Ciré Sultan Bangoura - OHADA, DFI Reporting
- Auditor: KPMG/EY (DFI requirement)
- Escrow: DFI Debt Service Reserve Account (6 months)
- Currency: EUR - Revenue indexed to USD bauxite price
- Insurance: MIGA Political Risk Insurance + ATI
Finance Contact: Ms. Mariama Ciré Sultan Bangoura - finance@jaydiimig.org Corporate Secretary: secretary@jaydiimig.org Project Host: Jaydii Mineral Partners - www.jaydiimig.org