Fiendish, Based on his other recent posts I don’t think it was....

Fiendish,
Based on his other recent posts I don’t think it was. I think you just need to accept the ignorance knows no depths.

Small companies can sometimes do really well with scraps, eg OXR and Seppon, and the original IGO with Long. But agree entirely that the big players will have no interest whatsoever. Someowhat surprised that even OZL is interested in these.

In principal I am quite adverse to OZL tapping the debt markets, however rereading the finance section in the C FS, they appear to have prepared themselves to take debt on a standalone basis for C. Better imho than at corporate level, but I am still wary.

Looking at the C and PH capex profiles, seems like there might not be much at PH beyond this year, but it does look to me like much of the CF from C is going to go into post startup capex for 2020 and 2021, so OZL wont have as much free capital as I was assuming. Some debt perhaps, but the further from Adelaide the better.

EL