conditions precedent, page-14

andyk

I accept your point that for the Bank to have made a "proposal" then surely some internal controls must have been passed.

But then why wouldnt you write in todays annoucement that internal credit committee review has already taken place and the proposal will be binding pending mining lease, due diligence, equity raising etc and subject to final approvals which are expected to be mere formailities?. Im just taking a literal approach to todays announcement.

The fact that the interest rate is still to be determined makes me think they are still doing their credit assessments and due diligence.

Again, today was a great development for long term holders (and the traders). But imo there are still some hurdles to go especially as this is higher risk lending. Perhaps the market also is taking a waiting approach. Lets hope we can get a final binding contract executed asap.