"If the terms with the four banks are OK, then once signed, this...

"If the terms with the four banks are OK, then once signed, this would mean no more rights issues.. "

You're way off, I'm afraid. Debt/equity was projected to be 60:40 many years back and has later been modified to 80:20. What it means is this: Should AD indeed get the go-ahead, GIP would have to take on debt of around $200 million and issue equity for $50 million. We can safely increase these numbers by at least 10% to account for recent cost increases. $50M means the mother of all cash raisings compared to what they did so far. The Petra guys IMO are paid for their "service". As far as I can see they did not disclose it though. As usual they mention the base price for tantalum but "forget" to mention the ceiling price that pretty much puts the lid on what GIP can earn for 2/3 of its production. It is my assessment that they "filter" the information and the reason is obvious to me.