I can 100% assure you those offers were not credit approved. The...

I can 100% assure you those offers were not credit approved. The offtake contracts by Noble were needed to underpin the domestic portion of coal that was going to come out of the mine. Eskom (domestic electricity producer in SA) was refusing to enter into any contracts with miners at the time as they didn't want to be stuck in what they believed would be costly contracts should coal prices continue to fall.

What was actually rejected were the terms sheets that related to a "unapproved" financing i.e. they still needed to do due diligence, subject to credit approvals and then finally CP's to draw. The deals was planned to be structured in a way that any cash flow being generated by the company would have been given to the equity/ mezz providers for more than 10 years.

To your third statement - None - which is why PJ was forced out off the board. Noble is Altius and Altius has the relationships with PIC etc. Ultimately Noble brought in Altius to get them to bring in PIC/ IDC.

Go and re-look at the ACCC document, plenty more background in there. There were rumors that RES at the time was going to see what grounds there may have been to force Noble to make good on its loan commitments - also another reason why PJ is no longer at RES.