If they mirror the deal that heron did with vale, the japanese consortium will need to earn in and ultimately source 95% of project finance
as in, arl unlikely to be putting in cash to the jv anytime soon, and would only need to raise a very minor fraction of project capex once dfs complete and FID being made
I think the level of dilution is generally over estimated...
Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-143
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