Ann: Lindi Jumbo Project Update, page-565

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spid81

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22/07/22

11:02

Post #: 62671584
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Originally posted by Assl2015: ↑

I wonder if the value of the SBLC will we reduced.

it's a project contingency for WKT in the event we go over budget and a way to protect the bank, they wouldn't want to make a loan and we spend say 80% and find out we can't finish the project then they either have to incrèase the loan, pursue court action or hassle us to raise cash which all takes time.

The SBLC protects them from cost increases which could occur due
-poor ground conditions for footings
-bad weather stopping work on site and causing delays having to repair roads or drain excavated areas
- price increases
- shipping delays or delays with our suppliers
etc

now that we are over say 50% complete some of these risks have being greatly reduced or eliminated, all footing should have being poured, most items from China have being shipped over. And there will be other risks that due the construction to date have being reduced or eliminated

if your building a house you remove risks once the slab is poured, you know the soil is ok, once you put the roof and walls up, rain won't stop you unless there's a flood. And you can progressively reduce your contingency

And I think WKT is in a similar position and CRDB should get move comfortable as works progress and they see where hopefully still on budget. In which case they might reduce the amount for the SBLC and having off takes agreed would also be a big boost for us

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The SBLC isnt required for cost over runs.

its required if WKT defaults on the loan.

WKT Price at posting: 21.5¢ Sentiment: None Disclosure: Not Held
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Ann: Lindi Jumbo Project Update, page-565

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