Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-93

agreed PP2. Also if we look at the target figure its actually the total CAPEX setout in the revised DFS.

Of course that doesnt mean there wont be an equity component.   Especially when its possible the the Titanium pigment plant may well be TNG owned and operated rather than BOOT funded, (possibly offset by the reduced CAPEX for the now unnecessary titanium feedstock refinement plant) but we dont have revised figures for that yet. 

The overall package makes calculations for 1) debt funding pending production, 2) contingenies and 3) project company costs. I take those to mean the costs of running the company during the consruction pre production phase together with draw down debt repayment and potential cost over runs. These may not be included in the funding package but could reasonably be covered in a CR offered  to exsisting holders  and the retail public of say $ 100 mill. Again significantly less than the previously indicated $2 to $300 mill equity component. 

It is possible that the equity component will reduce dramatically from the 70/30 model previously touted. 

Again this looks really promising and id have say way more than i expected at the time of yesterdays TH. Its all speculation atbthe moment but looks real promising.