I agree its not as good a deal as the original proposed Xstrata...

I agree its not as good a deal as the original proposed Xstrata deal. ie 100% of capital and 50% of costs.

But IF it was the onloy(or best offer) its still not a bad one. Would you rather a slow 'go-it-alone' approach by NKP which will slowly unlock shareholder wealth?

OR

Go into fast, full scale production with Anglo footing half the bill. Meaning NKP only need to find/raise half the money.

Im sure the capital requirements could include equity and debt. And certainly the operation/ongoing costs can be funded by either cash flow or debt with use of hedging and forward sales.

Its not that bad really...but prefer Xstrata.