Sometimes with deals of this nature there's a bit of a personal...

Sometimes with deals of this nature there's a bit of a personal element. Management needs to be up to the job to negotiate and negotiate well to actually close the deal. I can't speak how it is at all institutions but a while ago I had a conversation with a friend who used to work financing large deals for a bank (non mining) and the general gist was that the bank gets approached by a bunch of various ideas, all of which have their own financial metrics to showcase how good the project is.

But it's not all about the project being profitable, it's also about the story sold to the banker (or team of bankers) who are approving the deal. They have multiple deals waiting in the wings, some of which will have very similar metrics. So they need to feel like this is the one to go with, ONTOP of the metrics stacking up within the bank's internal system (they will always have their own requirements that must be met of course).

So there's two sides to the negotiations and obviously the better the management the more chance of a deal happening and even more importantly, happening well. I can only assume mining deals go exactly the same way and if anyone has any personal insight please correct me or add more context, I would love to hear it.

On the flipside in defense of management, deals where capex is 100m are not a quick ordeal. Lots of boxes to be ticked for sure and tons of shareholders don't seem to get that.

This is more a general post about the nature of financing and not a reflection of my opinions of management here. I don't have an opinion yet on if they are going to close the deal well, but I would not have bought here if I did not have faith in the project itself and that management are trying their best. I hope that my optimism is right.