Cap raising is likely at some point ofcourse. But you would...

Cap raising is likely at some point ofcourse. But you would think they will wait it out until they know which BFS they will use.

Go it alone means massive CR. JV with Xstrata means free carried and a cash injection. No need for a CR. Anglo would likely inject cash too.

If a CR is needed, depending on size, one would imagine a JSE listing would be the key. Or a placement to a cornerstone investor perhaps.