If you read the latest presentation of the MF it states exactly how much the whole project will cost.
It states exactly how long time the first phase will take which is 30 month. That phase also includes a lot of general investments like roads, housing for staff, offices etc... We are now 10 month in to that phase.
At full production the MF will generate 15 billion RMB annually. The full cost over the whole investment period is 11,5 billion RMB.
If this first shrimp farm demonstration area will be built in 30 month including general investments we could probably count on a little bit shorter construction periods for the construction to come.
The MF is build in sections meaning it will not take more then 24 month before every section gives full production. Since you have a payoff period of less then 2 yrs, that means that the total credit facility for the whole project is likely to never accumulate over 30-40 percent of the whole investment cost over the projected ten yrs. I´m counting on overall margins of arround 40 percent. Not 60 percent like you do.
I would say that the infomation is very comprehensive and detailed. What more could you possible want in this situation. According to me that means that SIAF would need I financing facility for this project, with a 25 percent stake: 0,25 x 0,35(average 30-40 percent accumulated investment cost) x 15 billion RMB = 218 million dollars. This changes of course if they are taking care of the full investment. If you project shorter time for every section to come into full production the financing needs of course will be less.
This can be financed through debt, free cashflow from production and from partial spinoffs etc.
This is where EC also comes in of course in trying to set up bond deals etc in the future when the initial action list has been taken care of.
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