more capital, page-9

raising... It may be just as well EQN has this raising under-written. With the share price currently under the offer price, there will be a lot of people not taking up their entitlement.

Can someone tell me if this raising is the total to be raised by way of share placement? Is the remainder going to be completely debt funded?

If this is the case, then I think EQN have done exceptionally well to have kept total shares on issue to a minimum and debt funding the rest.

The test for management now will be to get the Lumwana project up and running on time and on budget. There's some major shortages of mining equipment world-wide at the moment with record metals prices on offer, so it's a challenging environment to be starting up a major project.

Persuader.