I concur Dmasonic. Remember this about the  AUD850M figure,which...

I concur Dmasonic.
Remember this about the  AUD850M figure,which I consider to be fanciful:
From the feasibility study:
"The capital cost is based on the maximized sourcing of largely pre-manufactured modules from qualified vendors from Asian manufacturing hubs with attractive labour cost. TNG considers it prudent to point out that the present capital cost assumptions may change if lenders (e.g. under an ECA-backed lending scheme) require a larger than presently assumed portion of the capital equipment to be sourced from fixed countries of origin."

If TNG want german ECA cover on a loan from KfW then it need to contain a significant percentage of german manufacturing,rather than Asian manufacturing. I won't pretend to be able to quantify how much this will add,but it will be material,as will the extra margin that SMS will add to cover themselves on the guarantees they make to satisfy the bankers.I haven't factored the deterioration of the AUD/USD and EUR/USD on the capex,or what might happen if the TI offtake doesn't include funding for the pigment plant component of the B.O.O.T totals.I also cannot quantify the amounts needed for contingencies,debt service reserves,owners costs,working capital,or a bunch of other things,that will only be known many months from now,likely not until next year.
AUD850M.....my a,