There was a date that Shenghe had to commit to funding by, I imagine it must be very close but the company would be likely to offer an extension as they have nowhere else to turn at this stage, particularly as Shenghe has tied up the binding offtake, so no other party can benefit from production.
At their current market cap they are not much more than a lonely explorer, so yes they could potentially mothball and go off exploring, but the Tanz Govt would likely step in and pick up the project if it was left to languish.
This is one more waiting game with the Chinese Govt moving at their own pace
PEK Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
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