On the face of it, it is self evident that $115M would be most...

On the face of it, it is self evident that $115M would be most helpful for other activities. But only if NRZ can limp along until the cash is in the bank.
But I suspect that it is more complex, what is actually going on. I would call it something like 'A Double Blind Experiment', where both parties are to some extent working in the dark. Should be interesting though, as it unfolds.
Love to talk more, but have something big on for the next week or so but happy to take questions 'on notice' i.e.. 'I'll get back to you on that'.
Your argument re the Great SA Urea Shortage of 2023 is probably better than mine, except that most of our imported urea does not come from China. It comes from the Gulf, where they have huge plants turning their seemingly endless gas reserves into fertiliser. Also, consider that urea is not the only possible fertiliser and Australia still has a large, almost 1 million tonnes p.a. plant still operating in Queensland.