One reason Geovic's share price continued to fall after the release of its April 2011 Feasibility Study may be that they have yet to raise the $400M needed to construct their mine.

"Geovic and Geovic Cameroon are now seeking project financing to fund mine and processing plant construction. Geovic Cameroon has engaged U.K.-based Standard Chartered Bank and Geovic has engaged Canada-based Canaccord/Genuity as Financial Advisors to help secure Project debt and equity financing, in combination with potential strategic partnerships, and/or joint ventures, and sale of off-take. Standard Chartered Bank estimates that assuming a $15/lb Cobalt price, the project could support an indicated debt:equity ratio of 56:44 in a conventional project debt financing arrangement and suggested a possible capital structure that would include approximately $380 million in senior debt and about $20 million in equipment financing. Currently (July 2011) cobalt prices are trading in the range of $17 to $19/lb."

http://www.geovic.net/projects.php