I'm fully aware of the difference between project vs corporate...

I'm fully aware of the difference between project vs corporate financing. This is how it'll go down with a few tweaks.

Current shares on issue: 539,000,000
Management Options: 19,000,000

1. Exercising of Glencore options: 91,340,884 shares at $0.42 (Read terms on off-take and NFC comment dated 14/10/2011. At current FX this is US$30m or AUD$38.6m)

2. Issuance of shares to NFC: 162,000,000 at $0.36 (this is AUD$58.3m or US$45.6m)

3. US Dollar denominated debt at 75% of new capex which is US$500m x 75% = US$375m.

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1. Glencore will have combined stake of 16.4% (91,340,884 shares plus existing holding of 42,110,593) + the remaining US$20mln option convertible at higher prices at Glencore's option.
2. NFC will hold a 19.9% stake

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We will still have a shortfall of USD$50mln to raise, which JD will try to raise from remaining sources.

But by then the share price will be MUCH higher as the total number of shares outstanding will be 811,340,884 and our project NPV will be $2 Billion or $2.47 per share and we are 90% there.