It may be activated but not "executed" if it is subject to litigation which i understand is the case.
The loan was to be repaid from distributions from the sale of iron ore. However for reasons shareholders were not fully made aware Vallenar was unable to increase production over the past three years beyond 250,000 tonnes pa. The goal was to increase production/export to 1.5m pa then increase that to 3m tonnnes pa the following year and finally 5m.
Lets see how and when it restarts and what annual production it can achieve now that Besalco is off the premises.
If Vallenar can produce 250,000t over the next 12 months and make $25 profit ( $75-$50 opex) per tonne then it will be able to repay the YA Global debt. However that is a big ask in todays environment.
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