No AGY will ultimately own 90% of the JV not a percentage of a percentage you are trying to use.
ASN will be lucky to have a majority stake in that project once you get diluted into oblivion for a multitude of reasons.
Meanwhile AGY could self fund the stage 3.. yep that's right stage 3 (as stage 2 2ktpa is potentially weeks away from first production) 10ktpa expansion in cash in 18-24 months if they decide to go down that road.
Good luck raising $800m AUD
General Discussion AGY, page-8623
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