Bidding War, page-25

The capital cost is incorrect and way over the likely cost unless you are including sunk costs which are not in the NPV calculation in the DCF. The analysis is fundamentally wrong in that debt is now 1.2billion US. (900million private finance, 293million us export finance debt at 2%). This little number is wrong wrong wrong and stacking everything against the project.
When you take the debt into consideration at 1.2billion US and taking out sunk costs the cost in us dollars is about 1.93billion so we are looking for between 700m and 800m us equity share. How is that remotely a 77% share. This is a fudge plain and simple equity share will be about 36.3% so off the bat the 16 share price comes into play according to your analysis