Ann: Repayment of SA Government Loan and Copper Prepay Facility, page-6

On first read M. Wilson hit the nail on the head.

I don't think there is any connection between the new debt and the repayment of the SA government.

The telling thing in the announcement is the line

"This working capital will enable Hillgrove to take advantage of transactions such as buying back future liabilities at a discount"

We have been tying up and using $43m of creditors funds plus some that has been converted to debt. Now that we have access to conventional debt I think its good form to take advantage of that to repay the creditors as soon as possible, even if its only a couple of months sooner, regardless of whether we can get a discount greater than the interest.

Steve got great support from creditors when the chips were down I respect his desire to reward their loyalty by getting funds to them ASAP.