roadblocks smashed, page-13

Same difference.If SMI have to issue $5bil worth of equity to finance the CapEx for Tampakan and IRN didn't cough up their share then they would lose their interest in SMI(read Tampakan).
Or in other words, if SMI issued cash call notices on its two shareholders for instalments of the CapEx and IRN didn't meet the call then they would forfeit their interest in the project.
It doesn't matter what the capital structure of the project is, IRN still have to finance their 34% share so that's why they're desperately looking for a 'white knight' to take them out of the project because they have no hope of financing it.
And that's why HIG shareholders are the only ones who'll be participating in a monster copper/gold development in coming years with their near 17% interest in Frieda as Xstrata have to guarantee and arrange our share.