Nope.
If they do their environmental clean up to the satisfaction of the relevant NT government department, and this will cost some money for ABU to do, then the guarantee is no longer required and the ANZ bank will cancel the facility and any cash back or other security held by the bank will no longer be required. I understand there is more than one guarantee making up the total of M$3.8 so as rehabilitation work is done and approved the facility (not debt) will progressively reduce.
If and only if ABU did no rehabilitation would the guarantee be called up and then the ANZ could offset this against security held (currently our M$3.8 on deposit or PRC's M$3.8 if they or anybody else guaranteed the facility.
This is highly unlikely to happen however IMO. as the rehabilitation would be ongoing already and cost less to
complete than not do at all.
A guarantee facility and an overdraft
facility are 2 different things.
Jim.
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