"IMO taking on US$120m debt for a $255m capex project is stretching things a bit far."
For gf to secure 100% of stage 1 they still need to provide debt of $40-$62m. If they only go $40m that gives us $170m leaving a shortfall of $85m. Isn't that splitting hairs versus the $120m you mention.
Also you failed to mention Mikes previous role at Taurus.
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