JJ, yes it is just over two years, but there is about $450m to be repaid in that time. Thick end of $17m per month,plus interest makes about $20m per month between now and July 2014.
Bottom line, this can't be paid from phase 1 even running at nameplate. Unless REE prices rise substantially.
Thus, sooner or later, Mt K has to be dealt with.
As we have mentioned, they could probably CR for $80m. But this just kicks the can down the road for another 8/12 months.
If they really are considering Mt K now, then they may have come to the realization that $80m is not enough to avoid a heavily qualified set of accounts in July.
Pure speculation for sure, but to put one's head in the sand on the fiscals may be suicidal for investors.
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