There but for the grace of the Carajas..., page-4

hH I am sure you say some things just for engagement, you just cannot invest on the markets and believe what you say, surely ? What exactly would you have them do with no debt funding on the table, no dreaming of some father Christmas who bungs some cash in, really what did you suggest they do to obtain the projects funds ?

AVB could not borrow the $80m, you do understand that ? They did obtain the funds at a 10% premium to market. Now you go you ask those cash strapped entities if they would like that (you betcha they would) but they can forget that, more like a 80% discount compared to a premium and I doubt any takers at that! You know full well they would will need to turn fully funded low cost high grade project into positive cashflow and fast! hard enough a year ago, let alone now.

AVB have a project returning cashflow in about 12 months from EI, without that, forget any cash, the fact that they could attract it via a placement and a damn good one at that is our very good fortune and a testament to the project standing up to what would have been some of the industry players best due diligence, some of those other outfits Kalenn has pointed to would not stand a snowballs in hells.

Cut yourself some slack you have invested well here, why on earth say stuff like this ?

You say that those companies who are in trouble now will just have to pop down the road and stitch up a deal like AVB did, easy right....impossible given circumstances, follow them and let me know when they get their big wad of cash and who gave it to them.

No serious player will even bother to look at return on that EI until at least cash flow positive, Appian, Greenstone etc don't care, you think they chuck in $80m for a few months, you know they don't, you do seem to be enjoying the odd buy so perhaps you are just pulling legs here, for fun.

As always door.