Yes assuming it goes ahead they would need to take on some debt,...

Yes assuming it goes ahead they would need to take on some debt, around $800m, but the funding would only be required over a period of time. The Bengalla mine should provide them with more than adequate cashflow to service the debt while it is being developed. Given their relatively strong balance sheet they should be able to get funding at a good rate, hopefully no higher than 6%. They should be able to build stage 3 at relatively low cost given the abundance of labour that will be available. By the time stage 3 is finished the world will be a different place, who knows where coal prices will be but I would imagine higher than they are now. Having the two mines in full swing in a few years when coal prices are substantially higher, this could be a real cash cow, and is the reason I have a position in this stock.