Ah yep, fair enough. I guess we won't have to wait much longer for the actual numbers to pan out. Just roughly though, even using the current NPV and construction costs, which I agree are conservative, looks like this to me:
80% debt of $429M construction cost = $343M
19.9% sale to NFC of $609M NPV (sure they might get a discount but who knows by how much) = $ 121M
Total raised $464M. It's easily enough to fund construction, no new equity needed and $21M left over in the kitty for working capital (and hopefully a budget for reserve definition to keep the good news flowing through the construction!).
Ann: Quarterly Activities Report, page-13
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