BG has also gone from "extremely pleased" in February to "very...

BG has also gone from "extremely pleased" in February to "very pleased" in May. As long as his 'pleased' in September I will be extremely happy.

Commissioning is obviously the big one, but problems can be ironed out over time. Yansteel has a lot more invested in the success of TB than SFX does. I think Yansteel would be determined to get to nameplate quickly. And in a worst-case scenario might even make a short-term to the JV to keep things moving.

Based on the estimated (presented) cash flow of $120 m pa to SFX post debt repayment, and the estimated revenue to cost ratio of 2.3...SFX's opex bill was forecast to be $52 million pa. So if start commissioning with $60 million cash, we could run for about 10 months without revenue, and ignoring debt repayments. So if we finsh with $60 mill, and even with some hefty opex inflation...and few cups of tea with the creditors....I reckon we could probably run for 6 months with no revenue before things got really dire.