Gina will need to throw in hundreds of millions to maintain her holdings of 10%, so very unlikely to be part of the $20M.
Contractor, being Monadelphous was who they mentioned in meeting, I haven't heard Worley as yet, but I'm not across the operations piece at all. Too busy sweating the equity piece to be follow the future aspects closely.
I'm not convinced how $20M could change our progress, as pre construction is complete, imagine if they spent the next 20M and equity not complete. Another raise at the end of the year... when would it stop. My view is that a small raise to progress without equity finalised, or partially complete would be a little aggressive, and irresponsible. The fall out would not be something I would want to answer. i.e. they did this in December and look at the outcome, if they have not learnt. Hence, why my assumption that it's a part of the larger equity piece that will fall together shortly.
The equity piece is so large (meaning that its not really a project that anyone thought possible), that they would not progress this entire debt piece without knowing the equity piece is all but secure.
Some logical thoughts of mine for equity:
1. Hyundai / Kia - no contribution to debt - outside of the associated KEXIM $75M - token contribution. 2. POSCO - Wants a slice of offtake, and no contribution to debt 3. Gina - wants to maintain 10% - therefore a couple of hundred million required. 4. Siemens Gamesa - No contribution to debt outside of the loan guarantee. 5. Other -
Remembering GE had to provide 450M loan for their offtake, the above will be required to support, and this aspect is already known, otherwise the debt facilities would not have wasted their time.
(20min delay)