Another factor to take into account is the possible...

Another factor to take into account is the possible classification as Strategic Project within the CRMA and the public funding processes. It is impossible to know what is delaying the project and the announcements of support by some of the lenders. It could be that they are all in the final stages or it could be that Vulcan is asking them to wait as the decision should come in Q4 this year and it could significantly impact the interest rates and also the equity requirements.

Remember that it is not only debt that Vulcan needs but also equity, this makes the operation even more complex because they have to find a potential buyer in case they need equity, but they are also waiting for maybe public money that could impact their equity requirements (remember they have applied to several public grants initiatives). In my opinion, the bottleneck in this process is the resolution of the several public funding requests processes. I am fairly sure that most private and semi-private lenders have concluded their assessments but are waiting for these developments before they can formulate their final offer.