Rwa, look at the money flowing into Eritrea at the moment. There have been numerous players enter the market bringing with them debt funding and jobs. Someone is lending them cash.
If DNK can secure the 40% equity funding from offtakes and cap raising, then the big question for you is this: will someone stump up the credit for 60%. That's the only question that matters.
If DNK can raise the debt, the mine will be built. If not, then DNK won't be building it.
If the matter was certain, the SP would be well over $1 but there's still a high degree of risk. And that's where your own analysis should tell you if it's worth taking a stake in a potentially lucrative mine.
Forget about comparing ELM to DNK and start assessing DNK on its own merits. If DNK fail, does that mean ELM will? No. So why would the opposite be true ?
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