AUZ Funding, page-435

@vintage
I can't agrue with the evidence put forward.
The government will never expose themselves to primary responsibility.

Id like to throw out an alternative view of how more than 50% would be obtained.
NAIF may be willing to fund more than 50%... just not at any one time.
This in turn reduces their liability to less than 50% at any given time.

In my opinion the the below scenario could unfold.
- NAIF conditionally agrees to provide financing to AUZ for their Sconi project to the tune of $800mil.
- The loan is subsequently split into tranches and released on a performance based criteria.

Tranche 1 - $100mil for preliminary ground works
Tranche 2 - $200mil for public infrastructure works
Tranche 2 - $100mil for finalisation of plant ( repayment to kick in at first shipment)
- ------- 50% debt split ends here ------- -
Tranche 4 - $200mil for local infrastructure / building "sconi village" on AUZ land
Tranche 5 - $100mil for ramp of satellite deposits
Tranche 5 - $100mil for implementation of indigenous employment scheme

The numbers are hypothetical, as too are the scenarios.
But it demonstrates how NAIF are never exposing them selves to be more than 50% risk.
Those who work in large infrastructure / construction works will be familiar with this sort of arrangement.
The financier will never release the full amount upfront as not all of the loan is required in one NET payment.
It also makes sense for AUZ to reduce their loan amount to the minimum repayments periods.