Ann: Thunderbird Construction 85% Complete, page-6

It's a SFX-Yansteel JV committee in charge of TB, ti's a 50:50 JV and both owners doing their best already. SFX probably swings more weight because lot of employees are ex-SFX and of course the project was brought to fruition by SFX. KMS JV has $73M of contingency 'headroom', but $40M of that is just an over-run facility, so more debt. Doubt there will be $60M of cash when they start commissioning. All they need is enough to get through to is positive cashflow. Helped by project loans repayable in 7 year bullet and royalty payments after 7 years, instead of P&M from the get-go which can be a killer if there are problems.

Only post a buy or sell sentiment for a clear and present reason (usually way over/under valued). SFX hasn't been that for a long time, bouncing around this price a long time as predicted.

It was a $22M CR in the end, for a cheap growth option but mostly as insurance. Like I pointed out with STA, sometimes plans don;t survive contact with the enemy. Smart move buying insurance now at 50c, only time will tell how whether commissioning goes to plan.