Hi BigDaniel, you will likely see less dilution if we go JV, If they have to fund whole project themselves then more likely need further equity raisings as would probably have problems raising that much debt (refer MNS problems in obtaining large debt finance), though perhaps with Mozambique being a more investor friendly country it may be possible to get debt financing for large amounts, but I think JV may be the best option. All IMHO of course.
Binding offtakes and Finance by end Jan, page-39
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