Are you forgetting Pancon's 45% contribution?Estimated outflow...

Are you forgetting Pancon's 45% contribution?

Estimated outflow next Q $951M, CUX portion $520M, balance Pancon.

COH $934M so balance going into Q4 $414M.

Tighten the belt a little and that should cover CUX's Q4 contribution.

2.3M Dec 12 20c options that are currently well out of the money.

They've got around four months to put a viable business plan together to either raise cash or take on a third party on favourable terms.

IMO cash position not really the issue here but project economics/timing. Can they demonstrate that they can profitably produce a concentrate sometime late next year?
If so I'll lay a small wager we have Rhodia as a third partner in the NY.

Basket price of $46Kg bit of a concern though, concentrate probably 30% of that so no wonder they are looking for higher HREE content.

Really is quite an interesting one and they seem to be making good progress.