Have a look at Gandels investment philosophy Rob.
He has not taken out any of his mining interests to date,even though he holds some quite substantial % of one company.
I cant see why he'd take out something that is well beyond his primary form of invesment,that being property.
Gandels a backer fist and foremost and with any luck he will be able to attract some of his well heeld mates to GIP when needs be.
He has factored in VERY VERY LOW which makes it all the more possible that he will be able to take it as high as GIP needs come the project equity issue,which may well be a given considering how slow we will come out of this GFC and that whoever was the mooted direct equity taker wont be back for that other offtake in a hurry.
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