I disagree Waldo, 6MT is a big chunk of coal and as it is all pre-sold its instant cashflow and repayment capable. There is no way that viability of the business only arises once stage 2 commences, this would have got nowhere if that was the case (some may argue we are nowhere!).
Stage 2 to me, a common pleb, is the cream on top of an already profitable and established cake I believe?