I agree there must be clear line of sight to offtakes, either...

I agree there must be clear line of sight to offtakes, either there or close.

To me the government approval of the loan is effectively the same as a commercial banks credit approval of a loan. Ie they're happy with risk, security etc. and happy to proceed. IE they are already comfortable with likelihood of OTAs. They must not yet be signed as RNU would have obligation to announce, but lender signoff already on provision of loan notwithstanding.

The conditions that remain I think are 'Conditions Precedent' which is completion of due diligence, legal powers to enter docs, documentation itself being both loan agreement and other related legal docs/agreements required, security (if any), etc. IE legal and admin related.

IE OTA finalisation is not an impediment to drawdown of loan.

I may be wrong, but this is my personal view.