In case you hadn’t noticed, Phase 1 is already well under construction, with the huge Pond One nearing completion. In other words the company has already funded over $20m of the $118m capex. So if Glencore comes in with $100m prepayment, then Phase One is fully funded. Even if there is a small gap, then Galan can easily finance this with a bridge loan. Glencore also has competition now for the pre-payment. The company is in a very strong position.
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