They haven’t been waiting for the pon to improve. They didn’t raise the cash to sit in the bank.
The finance package they still have to do won’t be dependent on the spot price. The bankers will have a view to the worst case pon during their payback period. With their equity the project is robust enough for the banks to be safe even on a nickel price quite a bit lower. Besides the bankers could be cynical and say it’s OK we”ll just force them to do a CR if something goes wrong (or 4 like PAN).
FID imminent, regardless that the pon is rising.
EL
Ann: Change in substantial holding, page-23
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