Hi Westcott - I think the easy answer to that is that the CDB has not issued their Term Sheet yet. (They have issued a commitment letter but the Term Sheet is the detail of the agreement and that funds are ready to go)
The Chinese press is saying that they want a State owned mill or two involved - with offtake and possibly project funding.
Perhaps CDB is waiting on that being formalised before they hand over the acquisition cheque. Maybe its the way they get their state outcome, maybe its the way they protect their loan. Who knows.
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