Blame Game, page-15

still no updates or word from management as yet
staff and offtaker all up in the air for holidays

production continues unabated from what I hear despite NP at 7.45 not 11.00 or 8.00 target
any stop of production & supply to the lender Trafigura would be an immediate breach of loan terms and a loan default so big problem if they cease production

Trafigura want the produce and they dont care if its loss production or not
they could seize the operations as the secured creditor in the event of default but they are not a producer but an offtaker and dont want to be a producer but have committed to increasing Ni stocks but cant get any and now this drama as NP went down.

Last year this much touted offtake deal helped PANs bullish run to 37c now sits at 10% of that and in TH.

Victor will be in long long tough talks with Trafigura.
I dont think there is any choice but to keep loss producing and burn through the cash rather than default and cause a block in offtake or seizure of the mine and mill.
Surprised they moved so early into TH after that massive CR at 5.0c in July that saved the company and its balance sheet for 5 months only.
The CR takers including Zeta will be very very angry at them for this but they are shareholders not a lender so bad luck.

isnt the cash $45M exceeding the debt of $44M?

Must be a way for IGO AFAF Zeta who hold 38% to save the day and support operations or take more shares cheap. Why did it come to this unless they all refused to help out so Victor called their bluff.

Whose to blame then?
Not Zeta not Trafigura, maybe the NP and BIG SHOT/Tsingshan who have been shorting the LME NP for a decade and counting.

I blame AF totally. he pumped in $760M plus costs into BHP lapdog MCR thats loosing way more & producing way less than PAN with NO MILL instead of putting in $50M here, what a looser.