EIM Capital said around two years ago that George went about trying to get funding for SDL in the wrong way,he tried to do the same as he did with GBG.
Why are you so against a Joint Venture? It could be done on a Joint Funding of Infrastructure and Off-Take Agreements with several companies.
It could be a Funding for Off-Take on Phase One and share of Phase Two Itabirite sales of let's say 50%. Every thing will be paid off by the time Phase Two is started up. Phase Two could be starting in a matter of 4 or 5 years. Metzimevin and Mbarga South DSO is included in the first DSO to be exported. These pits will be down to the Itabirite in a matter of 4 or 5 years at most. In that time the CAPEX for Phase One should be well and truly paid off. Money should be in the bank to start building Phase Two for the Itabirite to be mined.
Regards Westcott.
SDL Price at posting:
21.0¢ Sentiment: None Disclosure: Held
