Ninie,
This from the latest quarterly:
"Note that the AU$39M component (36%) of total costs titled “Capitalised Operating Costs Cover” assumes a three month delay between the start of full scale mining and receipt of any income from sales of production. Minemakers will endeavour to ameliorate that situation in its sales arrangements so it needs to raise less capital. It prefers to state a conservative position at this stage."
Forward sales may help to to cover much of the operating costs in the interim.
I personally think that there is a substantial chance of debt funding some portion of the capex if the economics of the project stack up well as expected. Initial capex required may be as low as $60-70 million if MAK can negotiate the above.
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