I suspect that the debt acquired has an equity component to it. Once the share price falls beyond a certain level, then it triggers debt to equity negotiations with the bankers. The recent purchase (together with his lot larger earlier purchase) is probably to lend confidence to the market that things are OK. And to be fair – these guys appear to be the only ones able to get anywhere near their earlier stated budgets.
An alternate proposition – is not to expand (a bit hard since you are part way through it) – and given the interest rate – put the money into an Australian bank????
Probably unrealistic.
Apparently at the mining club today in Sydney (I haven’t listen to it yet, this is second hand - the teleconference is on the website) – the CEO mentioned that they need US$1.5 given the recent cost blowout (Christmas Creek?). The sale of their power generation assets to a Chinese consortium has freed up some spare cash as well.
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