Ann: Successful A$16M Capital Raising, page-41

As stated above, that capex depends entirely on if the consortium (or another partner) decides to proceed. If they do, 3b won't be an issue. We're not dealing with ARL going to a bank and asking for 3b, we're dealing with ARL + Consortium going to Governments and their own internal finance and asking for 3b.

The new wild card is we have an investor who can also assist with finance: The multi billion dollar Sinar Mas conglomerate.

So this is why I consider it a very disingenuous take to even discuss capex anymore, because capex is tied to the partner. Either the partner wants to go ahead, or they don't. If they don't, of course ARL won't be raising any capex. If they do, are you actually suggesting that the consortium would be unable to raise 3b?

As for operations costings, are you able to answer the points I made above? Where is your evidence that disagrees with every single big player's projections? You're making the claim the nickel demand will plummet, which goes against what almost every reputable analyst and big player is saying.