Who is going to stump up the working capital and the bond? The bond is $3.5m and how much is the working capital??????
Looking at that time line the RCA signing does not occur until all ECT obligations have been met...
Financing ECT’s Project Obligation Under the RCA, ECT is required to make funding commitments to the project including project working capital, resourcing to the project management team and project control committee, and the project bond. 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. To this end, the Company has structured a program that includes the incentivisation of early ELF loan repayments, avoiding the need to pursue a capital raising via the issuance of new securities. A separate announcement outlining the details of the program will be made in the due course.
Who in their right mind would throw more cash at this via the ELF program without a 100% commitment from the Indians to proceed?
Ann: India Project Proceeds to Next Stage, page-14
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