FWIW, compare with BHP gets 3.75% on $1Bn with same maturity....

FWIW, compare with BHP gets 3.75% on $1Bn with same maturity. Huge revenue fifferential.

LNC now have a fixed interest charge of $32M (12.5% on $256M) in USD every year. An insane rate of interest to pay in any market.

On $57M 2012 revenues (all/mostly USD) that is 56% interest/revenue ratio, or 1.78 interest cover - but they have already existing $185M in borrowings + cash burn.

Adani income? ($2 per tonne (indexed to CPI) over the first
twenty years of production) - maybe 2014 production? Nil for 2013.

Sale of coal assets said to be worth $500M.

Be lucky if they don't raise cash some time mid/late 2013 unless asset sale goes through. Every day until then erodes the NTA below about 40cps currently.

Only real competition for the coal assets would rush the sale through any faster than it is.

My 20c.