JamesI assume your name is James (mine is not ben )At the last...

James

I assume your name is James (mine is not ben )

At the last AGM Grant in his presentation gave the first insight into the project being implemented in stages. He estimated that stage1 would require approx 15% of the total project cost. Since that time the design has changed somewhat with the addition of a solar farm being 1 of the changes and the total capex estimate has fallen from the original $250m US due to design improvements and using as much local labor as possible (from AGM preso). Given that it is difficult to estimate how much phase 1 will now cost. It was also indicated at the AGM that all possible sources where being looked at and personally I think it will be a mix of project loans and issue of new shares but I think that is someway off IMO.
Funding from potential customers would be like winning the lotto but you never know, mention battery material and the investment world goes crazy right now.

One advantage of a phased approach is that the later stages MAY in part be funded by cash as the original plan gave a payback period of 18 months for the $250m US.

I am sure everyone on here hopes dilution will be kept at a minimum and there are a number of development banks/funds in SA that I am sure they have met with.

I am confident short term finance will not be an issue, if they could raise 1m a few months ago I am sure there will not be an problem short term now, I would consider lending it myself

That's my take anyway, I think we have benefited from having a CEO on the ground in Africa and also from a positive (if slow) change of attitude from Malawi.