How to finance Frieda

The CapEx for Frieda is around $1.2bil so our 20% share is $240mil - you can bet the PNG govt won't exercise their option to buyin until the project is in the commissioning stage.
So the options seem to be:
1. Debt and equity financing. Can't see any bank giving more than 50% financing on a PNG project so that means an equity raising of $120mil - maybe a 3 for 1 issue at 5c.
2. Selling our interest in Ramu to the Chinese partner for $120mil to eliminate the need for an equity issue.
3. Accept a takeover bid from PNA at 15-20c/share.
Interesting dilemma for BOD.