Cowden has said, though never definitively, that it'll be a...

Cowden has said, though never definitively, that it'll be a hybrid of equity and debt and other debt products (bonds, etc). They've raised a slug of money with the last spp, but not enough to really dent the Capex.

The thing is, would you as a banker, lend money to a mining company with a BFS, or ten thousand rednecks in Oklahoma with no jobs and no education? I think the market is looking at Kylylahti and saying "sheesh, US$250-300M is expensive to do on debt" and "sub-prime equals credit crunch". Me, I think corporate debt will not suffer because it's far more solid and recoverable than RMBS.

It is thus my estimation Vulcan will do Kylylahti 50/50 or 70/30 debt/equity. Keep the shares tight, and grow value via Kuhmo once you have cashflow.