Yes unproven refinery but certainly very credible engineering group SMS group behind TIVAN. That could easily be good enough for the instos considering the $100mill mc versus around $5bill NPV.
Even if another 1 bill was raised through equity alone and no debt, the mc would be just over $1bill but the funded NPV would be around $6bill.
Assuming maximum dilution still offers six times upside. Very attractive and may be more than enough to offset any perceived risk.
Yes the capital requirements for Andean were lower but what were they for FMG in inflation adjusted terms?
