Yibin have withdrawn the FIRB application. Given they have withdrawn, they will not get a letter of rejection.
Yibin were the applicant, not AVZ. So AVZ can only go on the context given to them by Yibin.
AVZ would have cause to pursue Yibin for not following through to conclusion a condition precedent of the agreement.
Given AVZ and Yibin continue to work together to explore alternate methods of funding, and that Yibin put up $1mil, would suggest that AVZ believes what they have been made to understand from Yibin.
The Treasurer was given opportunity to state something different. He declined.
My thinking is AVZ agreed with Yibin to withdraw the application, believing what they were told by Yibin was the Governments proposed decision, and agreed for Yibin to withdraw and potentially get their FIRB application fee refunded and then continue to work together as detailed.
Given the Treasurer declined to comment and the application did not proceed to conclusion, there will be no formal letter of refusal from FIRB.
AVZ have stated they are still working together for Offtake and Funding.
IMO this is about quid pro quo in going forward with Yibin in a mutually constructive way.
