Some back of the envelope for funding numbers;
1. Germany US$600M = (on providing suitable offtake to Germany as desired by their ECA, the funding of $600M is provided. So, potentially the balance of the offtake (that’s not announced yet) will be arranged with another German company, (maybe-that didn’t want to be disclosed until last minute due to China related supplies currently). This is speculation / but fun guessing at this stage.
2. Hyundai/Kia may take a strategic slice of ARU, but unknown amount and /or how they will finance?
3. Australian government AU$350M commercial loans $30M grant.
4. Canada via GE offtake announced last year and export agency announced today US$300M
5. Gina and/or other strategic partners, if the balance of the offtake is not German company noted in point 1 above.
6. Us shareholders - via another placement.
7. Commercial banks
So as it stands we have AU$1.7B + point 2, 5, 6, and 7 above…
There is many options and variables, but I can understand why ARU released NAB in making any further attempts to source funds.
I imagine lots of conditions precedent to met, but hopefully, most organisations providing finance come under the same umbrella and the lead finance arranger for all those potential funders I have noted above.
I can see complexity, and if this comes off, I cannot say, it would be possible for many competitors to repeat.
Lots to ponder, but todays announcement filled a large and key piece, that we were missing.
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