through the eyes of irr - mnb vs agr , page-7

http://www.miningweekly.com/article/minbos-launches-bfs-on-cabinda-project-2012-06-06

The BFS for the Cacata project would cost around A$4-million, said Reeves, but Minbos would only be responsible for around A$2-million of the study costs, with joint venture partner Petril Projects funding the balance of the study.

The Kanzi BFS would cost around A$3-million, and would not contain a port component, since the project was located close to existing port facilities.

Management could be underestimating cost of feasibility studies as per this article Plough but that kind of money is chicken feed IMO. Feasibility studies will probably cost 100% more than predicted as they have not hit milestones. An offtake agreement however is not chicken feed. We will have to wait and see if MNB can jag one.

Sell side is very large.