Buyitlow - The project needs $360m capex - how do you think this...

Buyitlow - The project needs $360m capex - how do you think this will be funded? As the project as it stands today the metrics IMO don't stack up for a bank to finance it - unless there's a massive jump in Cu price they'll be using a lot more conservative Cu prices than $3.50.

At $3.30/lb Cu price (spot) the project has an IRR of 9.6% which below the cost of capital anyone will use. Most projects look great at spot prices, then okay at lower, more conservative longer term prices - Kitumba as it stands appears subeconomic at the current spot price based on the PFS presented. Without further successful optimisation this will struggle to get developed - and even in the rising Cu environment they'll be better projects in the queue ahead of it to get funded.