There's no way that 2b): "the cash operating costs (excluding depreciation and overheads) in respect of the production referred to in paragraph (a) of this definition and over the same six month period are not more than 75% of the revenue from the sale of Rare Earth Products referred to in paragraph (a) of this definition." has been achieved, though.
I agree it must be JARE. Mt K still have no interest in not doing whatever it takes to keep Lynas going as JARE are way ahead of them as far as security is concerned. But neither have they any incentive to pump more money in. The covenants for JARE don't allow for any other loans to take precedence over JARE's security, and who would lend anything with no security?
So, JARE, what's the issue?
Capital raising?, page-97
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