Agree with your analysis BT.
Also add that the bulk (70%) of Moy’s debt is to shareholder IMC.
So if Moy can deliver 20k oz from here on in and reduce ASIC to a satisfactory level it will be in IMC’s interest to extend the loan repayment timeline beyond 2020.
The loan provides IMC a nice income from their investment and foreclosing on Moy will be like foreclosing on themselves.
With Novo the only realistic buyer of Moy’s plant I can’t see any reason for IMC to want Moy to fail.
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