1billion?, page-11

teatimenow

bells suggest $200m for plant, equip, pre-strip capex in o/p
hartleys suggest $600m for plant, equip, pre-strip and LOM capex in u/g scenario

the right assumption might be...

$200-250m in upfront plant, equip, pre-strip capex
$350-400m in u/g development capex

u/g development capex would be partly funded from cashflows, partly from external funding in (maybe) yrs 2, 3 or 4 (?)

so total capex funding, not sourced from cashflows, might be something like $400m

hartleys suggested ph1 drilling Nova might be $6-7m, ph2 might be $12-14m...

add maybe $20m for ph1-2 drilling for conductors 2-4
add maybe another $50m for reserve drilling

add all this up, you get to around $500m in funding required. nothing like $2b. double it - still a billion. nothing like $2b.

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I should have added these before, to the broker note post

hartelys various price targets based on a number of tonnage scenarios