Burnieboy,I work directly in this space and for deals of this...

Burnieboy,

I work directly in this space and for deals of this size, actually its very rare for multiple banks to get involved. Its only about $70ish million in debt. 2 at most. 4... Not worth the time or effort that is involved.

Believe me when I say that these processes can be many many months worth of work directly on MYG before it gets to the stage where banks start offering to get the deal into their credit department.

The financials will be assessed, the mining plan etc will all be analysed. Due Diligence will be extensive, including all done by independents BEFORE credit gets a look, and it will only go to credit once the banks are comfortable they can get it approved internally.

The fact that its being run randomly (i.e. one bank approved and others are still in this process) seems strange. Essentially if managed correctly - They would be approved in conjunction with each other.

It sounds like they had all their eggs in one basket and it just happened to lose some of the basket and had to run out and find others who may have interest in Investing.

CSFB have undergone some substantial changes in recent times and they are no longer located in Aus their offices are now out of Asia. It seems even more strange that

a) CSFB would want funds back or that was a condition precedent to approvals from the other banks that a really high hedge price was asked to be repayed

b) That CSFB woulnd't lend more funds into the project.

I can only guess that the rest of this information will be forthcoming