broker coverage, page-9

This might help to clarify what I am rambling on about.

'Project Funding
MMC announced EPC pricing of US$ 1.42Bn. We estimates total project capital costs about $2.0Bn. The EPC contractor has arranged, subject to the completion of the FS, for project debt for 70% of the total, or c. $1.4Bn.
We understand that the PNG Government is preparing to exercise its right for a 30% JV share, for which it must pay its share of the historical costs, or about $50m.
We assume that MMC sells a further 25% stake in the project for a small discount to the NPV, which is more than 2 times the value attributed by the equity market.'

This is a snippet from Phillip Capital.