Hi Mondy
The wording of the announcement is for a binding proposal of a 'prepayment financing' arrangement.
Im not clear on what it is you are concerned about with that part?
If it was debt funding as opposed to simply prepayment for the chloride, imo that would be advantageous since $100m would cover in full the capex, and then the cashflow from production will cover the opex and loan repayments.
Whereas simply prepaying $100m of chloride will leave them short $30m or so of opex for the first 2 years.
I suspect it will be some kind of hybrid of both - it seems pretty obvious this has been struck to get Galan into production asap and delivering Chloride to Glencore.
Ann: Galan Secures Glencore Agreement For Offtake & Financing, page-177
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