Fenix is frankly everything AKO should aspire to be. Your initial figure suggesting $250m startup is quite excessive, Madagascar's government budget is only some 3ish billion USD... We've really got to consider that the country is incredibly poor. I hope Paul takes proper advantage of this and employs as many Madagascar companies as possible to achieve timely results.
Injecting a quarter billion dollars is extreme in my opinion, and if this is the figure they come to in the PFS... I think that will put a strain on other further justification studies. For a DSO operation, they really should be aiming for sub-100m.
Akora (AKO) VS Fenix (FEX) - a shallow dive, page-20
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