Obviously, I would have liked financial close by 30 September but acknowledged a few weeks back that externalities were pushing us to Q4.
NAIF extending to 31 January 2021 demonstrates not only a strong commitment to the project but the will to assist us in getting it done. QLD Govt reaffirming the $132m yesterday is of course, very good news (and maybe expected for some). They're obviously comfortable with the JV partner given it's them fronting the cash here and co-executing the contract.
Not worried about the JV partner,@Tbeatts ...there's a queue. Our arrangement with EA makes it slightly more complex then we'd like, namely the 30 year option to purchase and the 3 x 10-year agreements. But, it'll get done.
The idea of closing details of a $700mn project on Zoom isn't ideal. In my view, to be "very, very close" is still an incredible job. I'm involved in Genex with the view of being here for as many decades as we can avoid a buyout. So while delays can be frustrating, I'm not going to sweat over another quarter given we more or less had to hard reset the financing in March, during a global pandemic.
Regards, Jeremy
GNX Price at posting:
20.5¢ Sentiment: None Disclosure: Held
