That’s a great table SepticBuffalo. I am surprised the table...

That’s a great table SepticBuffalo.

I am surprised the table does not include the early appointment of financial advisers to ensure all the preliminary work undertaken leads to debt funding on acceptable terms when the BFS is completed.

The big question for lenders will be completion risk, ie the risk the project never meets its design specifications (volume, quality, opex) and is therefore unable to repay its loans. Given the size of KFE, lenders will be very significantly exposed until “completion” is achieved. Lenders will want the BFS to address and mitigate every potential issue that might result in completion not occurring.

The table does not include a pilot project. I would have thought a pilot would be essential. I personally cannot see how a 50 tonne batch test will give lenders the confidence they will need to sign off on fundingfor a continuous project producing 1,000 to 2,000 tpd of steel billets, but an experienced financial adviser with current/recent experience raising limited recourse debt for natural resource projects in Africa is the person to ask.