the best undeveloped copper play in aus?, page-30

The IRR is irrelevant to getting funding. WPL had the market spooked as the funding for Browse was a significant % of the market cap of WPL, and WPL had an income stream with a 50% margin.

I am not aware of any bank lending 4 times the market cap of a company to build a resource project. If you are aware of any, please let me know.

RXM will need to do a capital raising of at least 2/3 of the price, and then the banks will lend the rest. Alternatively, a JV will need to be done or they on sell the project. The market has priced in these alternatives and the sp reflects this.

HT1