I think you right Franciss. The normal way of doing business is...

I think you right Franciss. The normal way of doing business is to get financing in some way at least started and then later finalised as other approvals are obtained. Aurox seems to have the majority of approvals for the project now but still do not have financing sorted. The port payment is now out in the open with the RBS research report on their website and I guess they are madly trying to rasie these funds for the pre and final payment amounts. Other expenses they can probably fund from their cash.
My guess is that they were not getting very far with their previous approach so they turned it around to try and explain things. You could probably sell it as a new and novel approach because of the size of capital involved to get the project ready to go and then say you are now seeking financing. Therefore you then get the equipment supplier (MCC) sorted and tie that in with them getting a bank loan. (Not good that MCC is not taking an equity stake when they have for other projects.) Then you open your data room to potential project buyers up to buy say 50% of the project to tie in with respective government guidelines/approvals. This is where they are currently at. Pity they haven't heard of concurrent activity and we would be there by now.
My worry is that they may have left it all too late. Look how long it took MEO to get to the buyers board room approval after they opened their data room. I also worry that the current management is not learning from their previous mistakes which has allowed such a long time to get to this position. Blaming issues on the GFC and others is like a bad workman blaming his tools.
Hope they don't do a major share issue at these prices otherwise it is all over for any sort of value recovery to previous price levels. I now think that maybe the fund managers new something to make them exit which we are yet to find out about. Fingers crossed, hope is a wonderful thing.