I guess it would have been difficult raising project finance, especially debt, before the DFS’s were completed. $350m Capex for 20,000 tpa is actually pretty low. JP says they believe they can raise the first stage, approx 100m, without dilution (ie via pre-payments and debt). If that is done, stage 2 funding ought to be easier as stage 1 will be well into construction by then and so overall project risk is lower.
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