Agree Investec has set precedent and interest was at benchmark interest rate + margin and stock (as you have mentioned) to cover risk. If we are getting cheap loan from Thai government... there probably of way of structuring this to make this to optimize the loan facility.
But you think about it Investec loan was at a more risker position.. KCN has production coming on line at second half this year.. could project finance this i.e. forward sell gold... help reduce the risk..
Demand for clarity on financing, page-42
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