Thorburn, Thanks for confirming the $70 million cost of...

Thorburn,

Thanks for confirming the $70 million cost of development.

So that would mean at the start of production the combined company would have about 12 million cash (40 million less 28 million to be spent on capex) and 42 million in debt. Note this excludes EB's and any surplus op cash earned from Henty in that time.

From a UML point of view this changes their risk profile substantially. They are going from a cash rich company to co with a debt to equity of around 50%.

Furthermore UML will need to stump up more money for Goldstone sometime in the future I would of thought.