predictions?, page-2

Invest4it,

I believe Marillana is still viable - I suspect the selldown has been driven as much by initial fears of uncertainty surrounding funding, than of anything implicit in the BRM business case.

The timing issue of Rudd's announcement is particularly unfortunate for BRM in this regard, as the funding work for Marillana is currently being scoped out. This makes the whole thing more difficult for BRM. It is not Marillana per se, but rather the challenge to putting funding facilities in place against the backdrop of this new tax.

A future capital raising now will be pressured on three fronts. Firstly the share price level at which BRM will probably be in need of revision; secondly the cost of capital of debt funding will have increased. Thirdly potential JV's and investment partners will be more complex to negotiate.

None of the above is insurmountable providing Marillana still represents a strong business case. I suspect a capital raising now will be more dilutive thanks to Rudd