I don't see the real issue. It just means ECT have to get their ducks lined up as a requirement for the RCA signing and not as a requirement for financial close. We were always required to source the funds for the bond and working capital anyway!
So we have to do it earlier than we had originally planned. I am sure management have been working on this for months and at the AGM gave no indication that it would be an issue.
Either way, NLC, NMDC and ECT want this project to commence. End of March will come soon enough for financial close (signing will happen before) and then we'll start construction along with the first project drawdowns.
The next two months should see news of the project disperse amongst the media (as per managements indication). This project is really for ECT to stuff up from here on out, let's hope there is substance behind their words. Time is now for the boys on Punt!
Ann: India Project Proceeds to Next Stage, page-193
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