Ann: India Project Proceeds to Next Stage, page-160

Keep a level head, it will save you selling into fear. There are lots of agendas on these forums.

There's been no delay. The best case scenario was approval at the meeting. We got the next best outcome i.e. questions raised and promptly and adequately resolved. Financial close still remains 31 March.

If I had to draw a negative it would be that bond funding requirement has been moved forward ahead of signing rather than after. Understandable from their perspective. Of course it's now more challenging now with a smaller pool of investors willing to back the project.

But it's all a function of the incentives offered. Only a small fraction of the ELF loans need to be repaid to ECT to fund the bond (I think they're worth about A14m all up), so I am not expecting a dead giveaway here. With some soft sounding I think insiders will fund the bulk of it.

Concerns regarding NMDC's commitment has been replaced by bond funding concerns. At least this one is in our control!