Ann: India Project Update, page-172

This is now our biggest risk and what I believe will be the next delay. We now need to find $3.2m before the financial close can take place.

IMO securitisation of the ELF book will not be palatable for any financier. I reckon they will need to go to loyal shareholders and give away more shares. Happy to wrong

"The bond is required to be established ahead of NMDC and NLCIL’s financial contribution to the project account, and thus ahead of construction. The duration of the bond will be from commencement of construction to completion of commissioning.
The bond will expire undrawn at the completion of commissioning so long as ECT does not withdraw from the project before this time.
The purpose of the bond is to align ECT financial interest over the period in which NLCIL and NMDC will be expending circa $30m in capital funding. ECT commitment is to 49% of OPEX and as such, the majority of this expenditure does not occur until after commissioning, during the actual operation of the Pilot Plant.
Notwithstanding the above, the bond must be realisable to its value in the unlikely event we do not proceed. Hence, the bond will need to be, at least partially funded by cash. To this end, we are investigating options to be able to fund this bond including Government funding and securitising the ELF loan book, amongst other options."