I have been wondering if this is the whole reason it didn't go...

I have been wondering if this is the whole reason it didn't go exactly to plan. Its quite reasonable for any BOD considering partnering ECT to ask if they have their bond and working capital in place for the project, (regardless of what is in the RCA). My assumption is this question may have been asked and they said "not yet" so ECT could have been told they need to get that in place before they are prepared to go ahead with the signing. Hence the change in schedule.

This is just my guess work, but if it is correct its not such a bad thing as it would indicate NMDC really are serious about this project.