Loan Calc, page-22

While I can't disagree that AGO wouldn't be mining now without that debt, I do disagree that AGO had to take on the debt to continue mining.

IMO, AGO could have still achieved substantial outcomes without the debt. As far as I know Pardoo, Wodgina and Mt Dove were all executed without this debt.

You also have to ask what the did the debt fund? Was the expenditure worthy of the risk, has that expenditure contributed to bottom line or did it fund now defunct initiatives such as NWIO, Raine Square, Turner River Hub, independent rail?

Another take on it - If AGO were not beholden to this debt they could have pulled back their IO production and focused on alternative business strategies (even alternative commodities). The debt is essentially a millstone dragging then down, they must keep producing to try and pay it back, but they are destroying the value in the business in doing so.