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01/10/12
11:57
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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
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