Ann: India Project Proceeds to Next Stage, page-336

You’re kind of right about the bond imo, not quite putting us over a barrel but to ensure we have an incentive to not walk away. Not that we would!
Someone mentioned why don’t they put up a bond, well they are putting up all the cap-ex which is far greater than our near 10% of the spend bond.
And remember we get that bond back in approximately 2 years.

The bond fair from their POV and gives them some comfort, what they don’t want is ECT to walk away half way through the project and then they are out of pocket $15m or whatever they have spent to that point and left with a half built plant.

And yes I’m sure the 140 page RCA document has all 3 partners stitched up for eternity.

You are also spot on imo that if the deal had been done by now we should be swimming in cash, and the company has probably budgeted to that same outcome that it would have been done by now. The company also probably needs funds to progress our journey, the last announcement with action items was imo to show our partners we have the means to the bond and other required expenses in motion.

“In parallel to the abovementioned approval activity with NMDC and NLCIL, the Company is progressing its preparations to meet these commitments before execution of the major capital works contracts.”

That paragraph from the financing section of the recent announcement tells me we don’t need the bond before signing off the RCA or financial close, because the execution of the major capital works contracts will come anytime up to 3 months after financial close imo.

Going by the targeted signing window in the announcement we could get approval from NMDC to sign by the end of this month, signing ceremony early to mid next month with plenty of time to meet March 31st financial close.

Almost there.