independent valuation of luapula plant, page-312

@MyDisco2 ...."THE $10M US INCLUDES OWNERS COST OF $5.5M US TO BUY IN - not extra"

No it doesn't!! There is nowhere in the report where Mr Connelly refers to the initial $US5.5M buy into the JV. That IMHO is a totally separate spend, and no-one has been able to quote anything different..

From the IE report
p2 "Assumes $US10M spend to get project up and running".

Also p2 " A budget of $US10M is required to get the project operational which includes refurbishment, first fill, working capital and commissioning."***

*** Nowhere does it mention that the buy-in price for 50% of the plant is included!!!

Until some-one can show some official announcement stating otherwise, I'll stick with what the company has itself stated and is in the IE report..

Firstly WFE need to raise $A10M for the buy-in ($US5.5M) plus the exploration tenements ($US1.2M) total = $US6.7M or converted to $A = $A9.43M.

Secondly a FURTHER spend of $US10M to get the project operational as per IE report.

If what many here say were true, then why do the total funds needed add up to more than the proposed first raise??? ( $US5.5M + $US1.2M +$US2.3M =$US9M = $A12.67M )
Why would the company leave itself short of funds from the raise/prospectus??

Usually the simplest explanation is the best. Last year's announcement about raising $A8M (later changed to $A10M) is mostly the buy-in fee.
The IE report this year clearly states $US10M " to get the project operational which includes refurbishment, first fill, working capital and commissioning" ($A14.67M)

Overall $A10M plus $A14.67M needed. Total = $A24.67M.