Local Acquisition, page-17

Sure Nova's mill can be expanded from the DFS 1.5MTpa whic cost $450M capex cash/debt to lets say to 3.0MTpa mill...it will costs another $400M capex

Assuming the capex of $450M is met by 2017, then another spend of $450M capex on expanding from cashflows assuming NP is $9.00USlb at the time, but cashflows will be demanded by creditors to reduce debt justy like WSA and NO dividends.

If you then expand the mill, forget dividends till 2025. The LVR will be too high..the highest debt holding NI producer in Australia..MCR and POS has no current debt for example.

WSA gets $280M income pa and cannot for last few years expand its mill from 0.6MTpa to 1MTpa!! WHY? expansion is crimped, they had to go to offtake to BHP at kambalda 300 km away to expand milling!

...dreaming that SIR can do in 3 years time what WSA cannot do with double the NI grade of nova and half the debt of Nova is wishful to say the least. 3 novas wont save you, they will just create more capex... infrastructure is the key, you are finding that out right now. IO and gold miners in the outback found this out long ago. get real.