Ann: Full Year Statutory Accounts-AKM.AX, page-9

Just took a small holding，I don`t want to shoot myself in the foot by asking the wrong thing，to my untrained eyes，the company can survive on 2.5m annually on a skeleton crew，and minimum activity.They spent 15m in 2015,but it says mainly exploration expense，let`s hope that is done and dusted and no more spending on that.
So，from here to 2022,or 2023（according to their presentation）they need to raise 2.5m per year for basic operation cost， due diligence like environmental study，feasibility study may cost another 4m，railway feasibility study 15m debt/equity 70/30,so probably need to raise 24m. I don`t know how much it is cost for building a coal mine,let`s just say 30m.So if everything goes according to plan and it becomes a billion dollar company，it should go 10 bags（or 8，if add some more into the CR） from here to 2022（or 2023），if the funding is approved in 2018，and they can successfully raise capital each year from here until they can generate revenue.By the current coal price and cost，and 10mt pa production in their presentation.they will generate 110m aud per year once go into production.The only variable is China`s steel industry demand and coal price，but even coal price dip to 90usd like last year，it still has a chance of becoming a 500 MC company.
The only question is how does the railway cost fits into all of this，it is cost 1.6 billion aud，does it belong to AKM,does AKM has to pay 1.6 billion for the railway？I am little bit confused by the railway`s ownership.