I thought the acquisition costs of Cockatoo was merely us taking...

I thought the acquisition costs of Cockatoo was merely us taking over the cost of rehabilitating the island. So initially, this would appear to be limited to the $20M env bond. According to this ann http://hotcopper.com.au/announcements.asp?id=381326 the expected capital costs for developing Cockatoo was around $35M. So Timeone will put their $32M odd into it leaving around $3M out of the $10.66M to be provided by PLV. All costs after that will be 50/50 which we could fund out the remaining $7.66M and these should be opex related. Couldn't we also get some advance payment from our off-take agreement to fund the opex costs if required? So I don't think Cockatoo will be financially taxing on PLV to setup and run.

I do agree that PLV will still need funds to continue to progress the irvine island project but this will be raised in dribs and drabs as required as they've said from the beginning that all proceeds from Cockatoo would be used to help fund the irvine island project.