feasibility study, page-5

Debt will kill this project just like every other NW project that looks great on paper but as soon as iron ore prices dip we see investors get cold feet and run for the hills because the debt repayments depend on decent profits...

Just have a look at AGO to illustrate what a bit of debt can do to a share price.

I hope they don't borrow $400 million... With a two year development phase I can see too much risk in carrying the debt over that time even with Iron Valley as an income stream.

I would like to see them give away a share of the project (as much as it takes) to get the cost carried by a partner, or at least the lion's share of it.