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ADU PReVIeW

ships with some very significant compa-
nies as customers who are very keen to
see this operation extended. As to how
much debt you would want to put into this,
it’s too early to say.
“If we were a West Perth company with
a project called Sembehun and nothing
else, then we would need to raise some
equity sometime soon just to finish the
DFS. This is quite different.
“We are self-funding as we go, we can
do the DFS, we should have additional –
potentially quite material at today’s prices
– cash flow coming out of the business
pre-FID decision, and that puts us in a
great spot.”
Alciaturi said he expected some Iluka
shareholders who will automatically pick
up shares in the demerged entity to im-
mediately drop them because SRX won’t do different things,” he said. “There are West African [Resources Ltd] who have
meet the criteria for an ASX100 company. some, whether they’re institutions or re- consistently delivered from operating in
However, he is not anticipating many in- tail, who will make a decision that they’re that part of the world.”
vestors to walk away because of per- not interested in being exposed to West SRX is the largest employer in Sierra
ceived sovereign risk in Sierra Leone and Africa and there are others that will make Leone and each one of the 2,250-strong
the broader West African region. the completely opposite decision. There’s workforce directly supports another 10 in
“There are different shareholders who companies like Perseus [Mining Ltd] and the local village. De Bruyn estimates the

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