cap raising, page-40

once a mine is set - after it's been planned and engineered to nth degree, and funding and development committed

forgetting about the differences between planned and operating for a sec

how does it change?

it can't

after that point it's just one big uniquely set call option on the commodity (and their hedges)

while I am no expert on Kagara or Apex but end of life extending stuff (Apex) and low grade, falling prices cashflow vs debt problems (Kagara)... you're drawing a pretty long bow... which is your prerogative, but you know... kind of pointless