Are they lending $20m against a $10m
SBLC ?
Why would the bank carry the risk ?
There’s your answer….
So, to look a step further - WKT could not satisfy the intial $20m SBLC, it was rejected. The company announced such and further - that the intial drawdown has been reduced and in turn so have the requirements of the SBLC.
A number of posters on these pages have commented on the new figure being - $$$10M.
Ann: Lindi Jumbo Project Update, page-571
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