Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-125

Remember the old days(slowly returning),when you'd ask the bank for a mortgage to buy a property and they'd tell you it would be their pleasure once you had 20% deposit to put down first. It's not much different,except for the fact that a mining project is inherently more risky than realestate,generally speaking.The more equity from shareholders,the less risk for the lenders.

The actual agreed debt‑to‑equity ratio will be the result of a compromise between the project company and the lenders, based on the overall risk to be borne by the lenders, the project risk generally, the nature of the project, the industrial sector and technology involved, the value of the project and the nature of the financial markets(volatility) and more.

The ratio of 70:30 - 80:20 is fairly standard when a project is perceived as being of lowish risk of serious adverse effects to the revenue stream.There are plenty of projects that are 60:40 and some won't see better than an even split. It all depends how the lenders perceive the particular project,and given we have an innovative(read unproven in banker speak) process,if TNG do better than 70% debt,then it will be quite an achievement.