No - lenders will not lend unless all funding needs are accounted for, as otherwise there is uncertainty that the project can be commissioned, production can commence and cash flow produced to service and repay debt. The debt financing will be a package with each facility contingent on one another and drawdown will also be conditional on the company raising sufficient equity (the 35-40% of capex). It is a complex task but par for the course for projects of this nature.
Ann: TECH Project Feasibility Study, page-278
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