TLeaf have stated the Malaysian project should be shovel ready...

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Leaf have stated the Malaysian project should be shovel ready for production in late 2019 , i.e. 12 months from now .

That is not that long away and it's not as if they are building a brewery where they need to make provision for disinfecting the system before fermentation to avoid biological contamination .    Construction and commissioning may take less than 2 years .

They are not proposing to raise anything like A/US$400m .    

You make a valid point about scale up risk and if financiers are being asked to take it then Leaf will end up with a smaller slice of the pie .

There are insurance companies which will offer insurance against technology risk if the technology has gained a statement of feasibility from an approved 3rd party  .

There have been enough pilot projects , feasability studies . The seemingly toy govt sponsored biorefinery in the NT (or was it Qld?) appears to be a distraction at this stage  .

About a year ago Leaf were talking about toll production of biodegradable packaging possibly coming to the market by the end of 2018 .  Would be nice to know what the reality is rather than it being allowed to die a quiet death like the Monaghan mushroom project .