Future dividends, page-55

It's an interesting discussion point, the financing of Dubbo. I get the interest in dividends, but IMV, the cost of getting Dubbo up and running will preclude any dividend payments for the foreseeable future.
From memory the last costing for the mine was around $700M-$800M. I understand the optimisation study is likely to reduce the budgeted costs quite considerably. But the costs are still likely to be high when you think we only have 170m SOI. My view is that it will still cost in the vicinity of $500M-$600M, unless they can manage it in a modular format and bring different ore processing systems on line in stages. I'm no engineer/miner, but I'd expect that at the outset there may be synergies in processing of each ore type, so that may preclude a modular format.
My interest in this part of the discussion, is that IF we bring in a finance/strategic partner for anywhere between 20% - 40% to assist with finance, do we want them to also have an interest in the zirontech IP? Because it's generally harder to contract out specific parts held within the one company (IMO)! My view is a resounding no! Selling a part ownership in Dubbo to get it up and running is ideal, as it takes the retail holders angst against dilution off the table. Yes, likely there will be some, but the value of the having a large active asset utilised outweighs any dilution factor.
Which brings me back to the metallisation IP and how to protect it from suitors for Dubbo. Even if a SK coy/govt is involved, I'd like to see how the BOD plan to protect the real money making potential.
I'll throw one option out there, and that is to hive it off into a separate entity so that it can go hammer and tongs with developing a myriad of plants around the world. That way the current BOD only have to concentrate on maximising the value out of Dubbo. And before I get lynched, I am of course suggesting current owners get carry over ownership of the metallisation coy an a one for one basis or something similar. If they really wanted to get funding into the newco, they could do a 1 for 2 and then open it up for IPO, price the new shares at $1 and I'm sure they could sell 90M new shares to the public ( as long as current sh's had priority in the IPO) to end up with $90m in the kitty to start the next plant build.
Sorry for the essay, but just some ramblings after watching a lacklustre Geelong outfit in Brisbane tonight, and reading the views expressed in this dividend thread!
J22