debt before dilution, page-10

Hi Janti - I have to disagree here - in the M & G February 2012 prospectus we had an upside number of $310m and we have since seen the original $200m number from as early as 2007 now being quoted at $300m

I tend to go along with Shadows analogy of building a house - The $310m in the prospectus was for the entire Rocklands project with the usual disclaimers- costs could be higher and timelines are a guide only.

So - if we take the company on its word they have made some significant savings in some areas and no doubt have some had significant blow outs in other areas with the price gouging comments - I come up with $310m for the entire project plus $15m for the rail and $36m for the port .

Clearly the company need more ca$$$$h - I have to chuckle now the share price is so low the punters now think debt funding is a good idea - I remember the constant bagging SFR got on these threads for debt funding a significant slice of their project and only having 155m shares on issue as a fully operational mine.


hOOt