Ive always thought it interesting to see SK let the commercial in confidence discount go by without action.
For 80 mil, they could have either locked in prices, or at least locked in a continuously variable discount.
They are now at the mercy of the LME - good luck to them. I suspect that could cost them a lot more than 80million in the long run.
In any event - we can only deduce that SK didn't want to both fund something - then also pay for the product.
Re: Debt vs equity - I'm seeing a lot of projects floated on 50/50 debt/equity in the construction industry at the moment.
Lets see what the mine financiers will put on the table.
NAIF Funding, page-287
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