lets call it 230m, page-16

Hurl / Seedy - The math is the math yes SFR would have more shares on issue if they didnt debt fund the last $400m of their project.

The point is the higher the projected dividends the better the debt funding equation becomes to holders - A marginal profit mine like HGO would be vulnerable to a bank fire sale if copper prices fell to much and they could find themselves in the situation Oxiana / Zinifex did at the depths of the GFC

More recently Fortesque sailed pretty close to the wind when the iron ore price halved - W.M has chosen to go down the dilution road to avoid that type of situation - also they would have had to a BFS which is substantially more expensive than a DFS..

This doesnt change the math - SFR shareholders are going to get higher dividends than they otherwise would have - and the same applys to CDU if they were to debt fund the final $100m / $150m.

You may remember there supposedly was an offer of debt funding by Sinosteel and Ocenawide early in the piece - Maybe that is still an option ?

hOOt