I also watched Les' presentation last night and was again...

I also watched Les' presentation last night and was again impressed with how all aspects of the project are being progressed.

It's exciting to hear that:
1. After 20 years of mining they'll basically just be at ground level with several hundred metres of copper intercepts in the central deposit still to mine; and
2. As mentioned by some other posters, MGO has identified the potential for other significant deposits in the tenements which the company will be paying more attention to from now.

At one point Les mentioned that they'd gone past the point of needing a bigger partner to farm in and stated that MGO would be bringing the project into production. Lets hope the company still exists in 2016 to do that. Hopefully the institutional investors and Mr Soros are here for the long term income stream.

Assuming the 70% debt finance via NFC (aka, the Chinese govt) comes through, the one question I still have is in regards to the other 30%.

I am right in understanding that if Petromin/PNG Govt comes in for 30% of the Yandera project, it will work as follows:
1. Petromin pays MGO for 30% of costs spent to date (from Les' presentation it sounds like this will be around $33m);
2. 30% of the Yandera project will be farmed out to Petromin (ie MGO keeps 70% of the project); and
3. Petromin contributes 30% of total project development costs moving forward.

If that analysis is correct, with MGO funding its 70% of the project entirely with Chinese debt there will be no need for a huge cap raising.

I realise there will still be operating and further exploration costs to pay between now and 2016. Certainly Les indicated in the presso that MGO would be tapping into the Canadian pension funds for more $$ but if there is no need for MG to find another $600m that is fantastic.

As Les mentioned several times in the presentation, its got to be just a matter of time before the penny drops on this. ...but hopefully not before I get some more!