1. TICKY FULLERTON: For its investment of $280 million, Glencore took shares in Anaconda and a direct stake of 40 per cent in the Murrin Murrin plant.
Anaconda also trusted Glencore with a multimillion-dollar contract to sell all its nickel.
2. TICKY FULLERTON: But Forrest still needed more funding.
Against all odds, he took his problems to the big bankers on Wall Street.
He returned with US$400 million, lent by bond holders.
3. Anglo American, the giant London-based South African miner was on board.
It paid $243 million for a 23 per cent stake in Anaconda.
4. TICKY FULLERTON: It is true that Glencore has already sunk over $500 million of its own money into the Anaconda dream.
It now holds 34 per cent of the company.
But it's true, too, that it's used other people's money.
To fund its 40 per cent share of Murrin Murrin Glencore borrowed US$300 million from -- guess who -- US bondholders.
5. GEORGE MacDONALD: There is two years of missing production, um, and that means $200 million to $300 million at least of cash flow which has been moved back 12 to 18 months.
Hummmm You would think the bondholders are going to want a bigger say in how this is settled?
Can’t see why you would want to get in the middle of this until you get a outcome from them.
