RE, I’m guessing they have spent ~US$30M to date on Phase 1 so if they indeed get ~US$90M via Glencore then that’s ~US$120M total which should cover all of Phase 1 and leave a little extra, subject to actual contingency realisation…I also personally think Phase 1 capex in DFS is quite conservative given JP track record and hopefully some positive budget vs actual FX benefit.
Ann: Quarterly Activities and Cash Flow Report, page-34
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