debt before dilution, page-7

shadowboxer, the 11th June announcement is quite specific. It is a $300m Mineral Processing Plant. So I'd included as much past expenditure as I thought possible to minimise what has to be spent. Coming at it from your approach of capital commitments just confirms the outstanding numbers.

I was a bit worried I'd missed something with my first round of figures because the cost of the plant compared to the assembly seemed too low, but after you'd picked up on the $48m shares in lieu it became about 50:50.

IMO wages alone for the construction phase will be at least $40m (over 400 staff for an estimated average of nine months each) and there is still plant and equipment to buy to complete the MPP (para 1 p.2 June 11th ann.). The original plant contracts probably didn't include many of the pumps, piping, electrical, gangways, etc., and there will be the slabs for them all to go on - no, I don't think $145m is too much at all, and I'm just glad that they do finally have a turnkey contract so that at least we now know how much it will all cost up to the commissioning stage.

And that's why I think M&G got out. The shock of how much the plant alone would cost, compared to a total project cost of only $250m from the annual accounts only eight months previously, was the last straw.

As for payment terms, the Curry is obviously worse than Syria!! They've paid 100% up front, with only 85% delivered on-site (12th August ann.).