You are right the most recent loan was USD$35M, but they already had two loans from Shangdong. Total Shandong debt is about $85M AUD.
See extract from FML announcement below.
Agree with you that market will remain skeptical until FML puts up some reasonable operational data. Given project progress to date in a fairly challenging environment I'm confident, but have been wrong before and will be again.
Ann: Focus to Commence Production at Coolgardie, page-25
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