I wonder if there is some sort of break fee they could pay Glenore. Even if it was, say, $10 million, if they have someone willing to finance Stage 1 (through an equity injection plus cash) in return for Stage 1 output, then it might be worth paying? Maybe Ganfeng and someone like Leo (recently cashed up) might be willing to come in over the top in return for a percentage of the project?
And if there is a break fee, maybe this is what Glenore's 'play' is—a quick profit. Because stalling on financing surely doesn't help their cause if they plan to sell the product in the future (as it will be severely delayed).
General Discussion Banter GLN, page-15215
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