The dilution at SO4 was the result of the way the project was executed. Project was commenced without approvals and the high interest rate lender appears to have had far smarter lawyers than the company. They started building without full environmental approvals which were predictably late. The late approvals have pushed out ramp up and this was cited as one cause for the last cap raise. Other companies, in particular APC, have done a far better job of funding their project from debt rather than equity. KLL were in a the same situation as APC until they declared a massive capital blow out. AMN are attractive on operating costs due to wet processing. The least capital intensive project will almost certainly be RWD. All the WA projects will have relatively low operating costs compared to Mannheim. SO4 and APC are relatively high because of MOP conversion Finally read all the PFS/DFS studies with caution. Note the assumed SOP pricing, exchange rate and real v nominal models. Some of these projects will disappoint investors if current prices/rates and real models are applied. SO4 and KLL are clearly a lower risk/lower return proposition at this point in time.
