Ann: NCZ to Reduce Secured Debt by Over 50% Through US$25m Raise, page-15

My guess nut is the enviro. They could probably just meet the extra $30m plus the debt repayment if the zinc price holds (huge risk) but it would wipe out all their cash. Hence the reference to the irregular shipping and payment schedule. They don't want payday to fall between the 2. The interest rates on the debt are horrific. Looks to be around 15%-20%.

Agree jonslee. Everytime the company looks set to be trouble free next quarter something pops up. It's like trying to get an accident prone footballer on the field for the next game.