We all accept the ore body is great and the plant manufacture...

We all accept the ore body is great and the plant manufacture and construction is rolling along nicely.

However this announcement has very little to no detail on the specific reasons why the SBLC failed to satisfy SRDB, ie whether regulatory, or the LC backer failed to deliver or got cold feet, or the issuing bank was not acceptable, etc etc.

Also the half year accounts state that the LC is for USD20m. It seems odd that its for the same amount as the debt as the LC issuer is effectively taking the risk for the entire principal amount.

This debt is crucial to project completion and without further info, its difficult to understand the project funding risk.