A lot of information is circulating following the recent analyst visit to the job site. If FA is able to pull off 600 M$ of debt financing on 700 to 800 M$ CAPEX, the impact of dilution could be limited to 100 to 200 M shares issued next year at what maybe 1.00$ in the spring of 2013???
I would personnaly revised Karm estimate for phase I to:
See below financing information: