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Ann: India Project Proceeds to Next Stage, page-50

  1. 407 Posts.
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    Announcement from 19/11/18 is pretty clear that it may not be a cash payment.

    Project bond to be issued in favour of NLCIL and NMDC:

    The bond will be in the amount of ~AUD3.5M or 10% of the PCC approved capital budget, whichever is the higher amount.
    The bond will be in the form of either: 
    A bank guarantee; or
    Such other suitable financial instrument as agreed between the parties.

    I also think this sentence from today is pertinent:
    In parallel to the above mentioned approval activity with NMDC and NLCIL, the Company is progressing its preparations to meet these commitments before execution of the major capital works contracts
    . (not financial close or RCA signing)

 
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