Even though SK would definitely have been a big plus point for NAIF, the granting of a loan does not require a 100% offtake/buy-in.
SFX only had one binding agreement in place for 50% of the product and no money had changed hands between the parties, loan was approved(with conditions of course). In fact the mining lease was only approved around the same time as the loan was granted. Ducks do not necessarily have to be in a very strict order.
Recent turn of events will obviously change circumstances and the company may need to resubmit an investment proposal if this has been affected now that our friends are offski.
Ann: Company Update, page-129
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