Everything Jeff Gerard is doing at the moment suggests to me...

Everything Jeff Gerard is doing at the moment suggests to me that the independent directors are doing their job.
This is a complex financing which is likely going to be broken into 2 parts:
The actual plant and infrastructure with Capex of about $325 million;
The working capital of about $125 million
The contingency overrun of about $40 million.
Included in the figure of $325 million is about $38 million that has already been spent by KGL.
Based on the FSU the project should support a debt equity ratio of at least 60/40 so the debt package needed on the plant
is $195 million and the equity is $130 million.
I think KGL will sell a 20 to 25 per cent interest in the project for around $75 million which means its share of the equity required
is $97.5 million of which it has already contributed $38 million.ie a balance of $58 million.
It is important to understand the make up of the working capital.The FSU indicates KGL will mine and stockpile all the oxide ore
prior to plant start up.So it will have ore stocks of about $100 million that can be financed by an offtake partner.
To put these debt packages together and sell equity you need expert assistance.
If we hang in I believe we will see $1 a share within 5 years.
But projects that are projected to generate $220 million cash flow a year for probably 25 years, will eventually attract sharks.