No chance of a capital raising with the current projects.At the...

No chance of a capital raising with the current projects.

At the AGM, prior to which the loan had been mentioned in the Annual Report, GS was asked why such a loan was necessary. He agreed cash flow should be in the order of US$160+ for this year and would more than cover capex this year. If I remember correctly he said it gave PNA increased flexibility in the timing of future projects.

IMO it's also better to negotiate a facility when you don't need it. Even with $120M + of capex next year PNA should still have plenty of positive cash flow in 2011.