I believe the CRDB LC is neither of the two you have outlined....

I believe the CRDB LC is neither of the two you have outlined. The terms of the loan are that the LC is to be provided as "security" in favour of CBRD, not WKT or one of its suppliers. The LC would need to be issued by another bank in favour of CRDB and should WKT not make a scheduled repayment, then the LC would be drawn on by CRDB and the issuing bank would pay CRDB. LC security is as good as cash so typically the bank that issues an LC in favour of another bank, would itself require security. Providing LC's as security for a project facility is not common and i was surprised to see it as security for the loan. Given all of WKT's assets have already been provided as security to CBRD, the question is how will the LC itself be secured; and how much is it for?
The main reason why no western bank has put money into Tz for years is because of the uncertainty as to how the 15% free carry will actually work. I don't believe the legislation and regulations are in place yet. Another CP is that are all necessary documentation in place and until the laws and regs on the FCI is finalised, i would not be surprised if this is the reason for the delay on drawing down on the loan.
Another possible issue is that finance facility letters of offer expire if the CP's are not met within a certain time frame which is typically 12 months.
I do hope my concerns are proven wrong tomorrow. WKT does have a good graphite ore body and it would be fantastic to see it get into production.