Today's announcement has been more positive than I expected, but...

Today's announcement has been more positive than I expected, but we've been sold off regardless.

Here's what I think is happening:
- Glencore's terms are sodomous
- Galan has been playing chicken - holding out on Glencore to get an export licence to find better terms, and at least negotiate with Glencore
- There is still legislation to be enacted to get the export licence through, which will take time, hence the comment about still endevouring to sell locally @mondyinvest
- In the meantime, Galan needs to do another capital raise to keep building
- ATM was the only option (in JP's mind anyway)
- I expect that JP has used this announcement to fully exercise the ATM facility.

The move towards granting an export licence is however positive, and it means improved financing terms, even if it is with Glencore.