FEED Study, page-49

Of course the big elephant in the room is the need for a separate FEED study! Usually a Feasibility Study (to remind you, a study to get o +/-10% accuracy for CAPEX and OPEX and for which a 10% contingency is normally allowed for in the CAPEX budget) is completed and normally concludes with the EPC work. There should be no "rough cost estimates" by this time! The railway route should be more than pegged out - soil tests, community impact studies, land acquisition, etc should all have been completed by now.

The need for a FEED suggests two things:
1. something to do to give the pretence that work is advancing
2. the FS was a very perfunctory one to make it fast and cheap (to impress the market) and so now essentially needs to be redone under another name.

Echoes of "Yes, Prime Minister" here!