The problem is that they aren't earning any money NOW, and as...

The problem is that they aren't earning any money NOW, and as everyone knows, in order to get a loan, you must first prove you don't need it ;-)

If a bank was willing to take the risk, of lending them money, they would probably require them to lock in a contract of sale at a fixed, discounted to market price. If the price of Nickel goes up further, then AGM will miss out on the benefits of the price rise. Why would they do that when they have an agreement in place with Jinchuan to buy all their Nickel at Market rate, plus first refusal on any production increases?

Not to mention the interest that would be accrued on a 40mill loan... ouch...