financing the project

I have had another look through Paul's outliner of the project a couple of months ago. Crucial points as I see them were (as quoted from the report) -
- NPV of 2.6 billion
- The need to find a partner for development (eg, a leading steel company)

Also, I quote Paul "Nett Annual Cash Flow: Is defined as the average discounted cash flow per annum after all CAPEX (pre-strip CAPEX, initial CAPEX, and expansion CAPEX) has been deducted, but ignores cost or source of capital, hedging, tax, depreciation, rehabilitation and salvage."

The possibility of "Partnership with a leading steel company" sounds very much like a Chinese company. If this was debt financing then surely the debt funding cost would be not more than about $60 million pa (hopefully a bit less) as well as the beed to repay the loan over say 10 years. That would seem to be well covered by the NPV.

If half the NPV is left over after financing, then the 430 million shares would have about $1.3 billion in value to share between them. This amounts to an NPV of about $3 per share. Even half that sounds very good to me right now!!

Because of our Chinese connections surely we would have quite a good chance of getting substantial debt financing from a Chinese steel company.

Once we get operational on the vanadium the bringing on stream of other products such as copper and graphite would be much easier to finance.