SURF,
At 31/3/09 (according to their Quarterly cash flow report), CQT had about $27.6 million in the bank. If we assume that will be down to/below $25 million when the DFS is completed, and they then have to fund about $100 million of project capex etc., what percentage of the $100 million do you think could be debt? IE, what D/E ratio could the project prudently support or what D/E ratio would the debt-funders allow?
