Hi P007, I'm with you insofar as trying to work out exactly how...

Hi P007, I'm with you insofar as trying to work out exactly how the debt repayment is now structured. If you look at the comment in the Financing Update they said:

"As previously advised, $22m of the hedge closeout cash proceeds will be applied to the prepayment of the June and September 2013 project loan repayments..."

Then if you look at the table there is no "principal repayment to lenders" scheduled for the September quarter - it looks like the Jun & Sep repayments will be coming out of the proceeds of hedge closeouts.

That makes me think that DML has managed to restructure the debt to give it a chance to get up & going - which I believe will be the best result for all concerned - although this might mean that CFC will have to be content with only a 13.7% share of the profit instead of a 100%.