think and grow rich, page-147

If Matt posts pie in the sky then the yes team (voting yes for a vote that never happened :) are pie in the hole posters.

I'm not an expert on iron ore or project finance but the yes team should do some more research. Their posts are very much IMO at the moment with no regard for the basics of project finance.

African Minerals did not give away equity did they?

"In terms of the MoU, Tewoo would pay African Minerals $990-million for a 16.5% economic interest in the Tonkolili project, based on a project valuation of $6-billion."

“Tewoo's offer to subscribe to African Minerals’ equity at about £7 per share will provide a strong endorsement of the company's value to the market,” he stated.

An economic interest is possessed in every case in which the taxpayer has acquired by investment any interest in mineral in place or standing timber and secures, by any form of legal relationship, income derived from the extraction of the mineral or severance of the timber, to which he must look for a return of his capital. [Treasury Regulations § 1.611-(b)].


20mtpa once producing valued at $6b. SDL once producing...

The likely scenario I hope is somewhere between the pie in the sky and the pie in the hole.