Alton,

I'm quoting the figures that CCC had signed up to, and I assumed the replacement investor is only being asked to make the same commitments as CCC had made.

CCC had 15% stake and their only obligation to buy their stake was to invest US50m.

You are right. It it too good to be true. On that US50m investment they might earn a NPV cash flow of something in the order of $232.5m (15% of $1.55bn). Over say 5 - 10year project duration, it equals between $23.25m - $46.5m PER YEAR. Thats between 46.5% and 93% annual return. NICE!!!!

So is it any wonder CCC have tried so hard to stay involved in this project and delayed us til April? They were just unfortunate that they had to borrow a lot of money over the last two years, due to slow payments, to stay alive. They didn't have the $50m to spare but i bet they wish they had.

With returns like this European investors should be falling over themselves for a piece of the pie. Thats why i don't think we have a problem. Deals like this take time.