The funding for Dubbo (based on $1B cost) looks like this:ASM...

The funding for Dubbo (based on $1B cost) looks like this:

ASM contributes $350 mill cash from Korean investment
Federal govt Export finance agency lends $200 mill

That leaves $450 mill to be sourced from a syndicate of banks. ASM already has $350 mill to contribute therefore no need to issue any more equity. In addition there is a little under $100 mill held by the company to advance the metal plants which will be soon producing income. Another way of putting it is ASM have already raised their share by selling 20% of Dubbo to the Koreans.