Vale will contribute $18m USD to the project. Does this include...

Vale will contribute $18m USD to the project. Does this include working capital and corporate costs?
Company spent $449k on administration and corporate costs last quarter.
The company does have other assets so would presume there will still be a cash burn.



Vale might elect to arrange production capex. Considering the expected costs for the project I can't see Vale wanting to free carry Cyclone into production. Instead I think the more likely scenario will be they will want 100% ownership. They will get it independently valued, I expect shareholders wont agree with the valuation and Cyclone will be diluted as wont be able to provide their capex.