Only prob w debt for concentrate deals is that the smelters involved generally require 100% offtakes. I suspect that the approach of 3 offtake partners is good in terms of negotiating favourable (?) offtake arrangements (playing one off against the other) however it will make a debt for offtake arrangement very difficult.
I believe that this will be debt funded via the banks ... which will present it's own set of issues / benefits.
Yes, safe to say that MF's philosophy of not hedging (as he preached at the AGM) is a foolhardy way to play the game. He was punting on a high zinc price and clearly miscalculated.
perkoa update annmnt, page-21
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