10% discount rate, $2.2b npv , page-3

Perhaps they are using 10% because that is the rate majors are using and they expect to be taken over... Who knows? I assume your 10% for majors is accurate.

At this stage we have no idea how they intend to raise $400m... I expect their strategy is to sort out a port access / merger or takeover deal then consider how to move forward with the $400m required.

If they can't get port access sorted out one way or another then they won't need to raise $400m

Lets get the offers on the table first I say as we may not need to raise a penny.