i Ling glanced at Vaughn. "Before I dive into financing, I’d like Vaughn to finish his section. He’s prepared an overview of raw material sourcing. That will define much of the cost base."
Timothy gave a short nod. "Alright. Go ahead, Vaughn."
Vaughn tapped the remote again, and the screen filled with a world map, dots marking key mining and processing hubs.
"For LithiumX to work, we need stable, long-term contracts for lithium, nickel, cobalt, manganese, and graphite. These are the lifeblood of the gigafactory." He zood the map into South Arica.
"Lithium – Primary suppliers are Australia, Chile, and Argentina. Australia dominates hard rock spodune supply, while Chile and Argentina hold massive brine reserves in the Lithium Triangle. Albemarle already operates in Chile, and if we contract them for refining, it makes sense to tie our upstream supply with their operations. Trade-off: higher cost, but cleaner logistics and political stability."
The slide shifted to Southeast Asia.
"Nickel – The Philippines actually has the world’s largest nickel reserves, but most exports are raw ore. Indonesia, on the other hand, has developed refining capacity after their export bans forced foreign firms to build local plants. For cathode-grade nickel sulfate, Indonesia is leading, with companies like Tsingshan and Vale Indonesia. To reduce costs, I recomnd we split sourcing: Philippine ore for dostic value-add, and processed nickel sulfate from Indonesia."
He flipped the screen again.
"Cobalt – Mostly sourced from the Democratic Republic of Congo. Risk: unstable politics, questionable labor practices. Our alternatives are smaller suppliers in Canada and Australia, but they don’t have the sa volu. We can hedge this by signing mid-term contracts with Glencore—the largest producer—while simultaneously investing in cobalt recycling tech through our R&D wing. That would reduce reliance on Congo over ti."
He pointed to the map again, shifting to South Arica and Africa.
"Manganese – Mainly from South Africa, Gabon, and Australia. This one is less volatile than cobalt. South32 in Australia and Erat in Gabon are reliable suppliers. We can lock in five-to-ten-year contracts with them for stable cathode production."
Finally, the slide zood into China and Africa.
"Graphite – For anodes, natural graphite is primarily from China, but there’s growing production in Mozambique and Madagascar. China controls over 60% of the world’s supply. Given geopolitical risks, I recomnd we diversify: Mozambique’s Syrah Resources has proven quality and is already supplying Tesla, while we maintain a secondary line with Chinese suppliers as backup."
He lowered the remote, folding his arms.
"In summary, for raw materials:
Lithium: Albemarle-linked supply in Chile/Argentina, possibly so Australian contracts.
Nickel: Split between Philippine ore and Indonesian sulfate.
Cobalt: Glencore from Congo with long-term recycling developnt.
Manganese: South32 (Australia) and Erat (Gabon).
Graphite: Primary from Mozambique, secondary from China.
This mix hedges political risk, stabilizes cost, and ensures we’re not overly dependent on a single country. But—it will require aggressive contract negotiations starting imdiately. The window is small. Every automaker is trying to secure supply before 2030."
All eyes turned to Timothy, the CEO of the company. He could feel the weight of their gaze, the responsibility he has to shoulder as he was the leader of this company.
"Well let’s do everything you just said, it’s a sound proposal to . It’s sad that nickel here is for exports only and not for refining. In the future, we’ll make our own nickel refinery. Now, with the construction and raw materials secured, though not yet, I wonder how local companies will get into the action? I’m sure the governnt of the Philippines would want a local company to help construct the gigafactory right?"
"That’s right, we can also contract EEI Corporation," Vaughn said, tapping again to bring up another slide. The logo of the Philippine construction firm appeared on the screen. "EEI is one of the biggest local EPC contractors in the country. They’ve handled major industrial, energy, and infrastructure projects. Their advantage is compliance—they know Philippine labor laws, building codes, and how to navigate governnt permits. Pairing them with Samsung C&T could smooth approvals and give us political goodwill."
Carlos ndoza nodded in agreent. "It would also silence critics who might accuse us of favoring only foreign firms. If EEI gets a subcontract—civil works, foundations, utilities—it gives us local visibility. And you can bet the administration will highlight it as proof the gigafactory isn’t just foreign money, but also Filipino jobs."
Timothy leaned back in his chair, expression thoughtful. "Good. That’s important. This project isn’t just about batteries—it’s going to be a national symbol. We’ll use the best the world has to offer, but the Philippines must see its own hands building it too."
Vaughn clicked forward again, showing a split diagram: "Samsung C&T as lead EPC. EEI as dostic partner for civil works and auxiliary construction. Oversight by our internal project managent office. That way, we retain control, et global standards, but still check the ’local participation’ box."
"Okay, that’s good. Now, how will it look financially? I already figured this would be a huge investnt on our part," Timothy looked at i.
i Ling straightened her posture, flipping open her folder as the screen behind her switched to a breakdown of figures. "I’ve run the numbers based on everything Vaughn presented—construction, refining, cathode and anode facilities, data centers, equipnt, and raw material contracts. Factoring in contingencies and inflation buffers, the total capital expenditure will fall between $7.8 billion and $8.5 billion USD."
A sharp intake of breath ran through the Philippine side of the table. Timothy, however, kept his expression calm.
"This includes," i continued, pointing at the slide, "$3.2 billion for the gigafactory build itself under Samsung C&T with EEI as local subcontractor, $1.5 billion for cathode/anode plants, $900 million for the lithium refinery, $400 million for data centers, $1.2 billion for equipnt procurent and installation, and around $1.8 billion for securing five-year raw material supply contracts. Add another $300 million buffer for contingencies."
She let the numbers sink in. "So yes, Mr. Guerrero—you technically have the personal capital to cover this outright with your $8 billion reserve. But doing so would not be wise. You’d drain liquidity, overexpose yourself, and lose leverage."
Timothy folded his arms. "Go on."
i clicked forward, the slide changing to a financing model split into three blocks: Equity – Debt – Strategic Investors.
"Option one: We fund 100% internally. Fast, clean, but leaves you financially vulnerable. No serious businessman burns all his capital at once."
"Option two: Structured financing. We take 40% from your capital—roughly $3.2 billion—and use it as equity seed. That demonstrates your commitnt and gives lenders confidence. Then, we secure 40%—about $3.2 billion—through syndicated loans. Developnt banks like ADB and JBIC, as well as comrcial banks like HSBC or Standard Chartered, are already lending aggressively into Southeast Asian EV projects. The remaining 20%—about $1.6 billion—we raise via strategic investors."
She tapped the final column. "Option three: Bring in a cornerstone partner. Temasek from Singapore, SoftBank from Japan, or even sovereign wealth funds like GIC or Mubadala. They’d be eager to get a slice of LithiumX. But this cos at the cost of equity dilution and influence."
She turned back to Timothy. "In my professional judgnt, the balanced approach is best. You anchor the project with your own money, proving this isn’t smoke and mirrors. You leverage debt to spread the risk and secure favorable terms, while bringing in at least one strategic investor to strengthen credibility. That way, your personal stake remains intact, but TG Motors gains global confidence."
The Philippine team exchanged glances. Carlos ndoza leaned forward. "That would also ease governnt scrutiny. If local regulators see international banks and sovereign funds involved, it signals legitimacy. Less chance of political attacks branding this as a vanity project."
i gave a small nod. "Exactly. It also ans we keep a war chest from your personal reserves, Mr. Guerrero, for unforeseen costs, or for expanding into that nickel refinery you ntioned."
Timothy stayed quiet for a long mont, his gaze fixed on the numbers. Everyone in the room could feel the weight of his decision. Finally, he spoke.
"So—$8 billion on the table, but not all from . I’ll commit forty percent personally. The rest are sourced from loans and investnts. Very well. That ans I’ll be flying in and out of the country a lot?"
"That’s correct sir," i confird. "As the CEO, you will be the one signing those contracts."
"I really need that private jet," Timothy muttered under his breath. "Okay summarize it again, starting from construction to loans and investnts, what countries and companies we need to approach."
Hana flipped open her notebook, scanning her neat handwriting before speaking.
"Let summarize everything, Mr. Guerrero. For construction, Samsung C&T will lead, with EEI as local partner for civil works and compliance. For refining and components—Albemarle for lithium, POSCO or BASF for cathode and anode production. Data centers handled by ST Teledia. Equipnt will co from Panasonic for the core lines, with Manz or Wuxi to supplent if needed."
She turned a page. "Raw materials: lithium from Chile and Argentina under Albemarle, nickel split between Philippine ore and Indonesian sulfate, cobalt from Glencore with recycling R&D, manganese from Australia and Gabon, and graphite primarily from Mozambique, with China as backup."
Finally, she glanced up. "Financing—total cost is around eight billion. You’ll commit forty percent, about $3.2 billion, as equity. Another forty percent through syndicated loans from banks and developnt lenders. The last twenty percent ca from strategic investors like Temasek or GIC. Of course, none of which are final."
"I see, okay, we’ll take a short break from here."
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