BAT Upside Comparisons with SYR and BSM, page-2

Also have been having a quick look at other projects in Africa, their current status in terms of CAPEX funding targets and current cash balance.

BAT have a relatively healthy cash balance. The target they set for the end of last year was AUD $5m and they finished with AUD $7.2M at the end of last quarter.

Funding has been challenging for projects in Africa ( as BAT learnt last year ), but I would much rather they try to secure < US $50M than trying to fund USD $80M to USD $270M.

Will also mean there is less of a debt burden in the critical commissioning and ramp-up phase ( although the form of BAT's funding is yet to be confirmed ). We could still see a mix of debt and equity.


BAT need to fund a relatively small amount compared to the others. Around 25% of the work has been done based on spend to date.