Based on the information provided Trade Creditors would be down...

Based on the information provided Trade Creditors would be down to $30m as at 30 September which is about 100 days. Borrowings would be $2.5m. There would also be an amount still owed to employees. If the December quarter repeated September then creditors would be at $20m and roughly 60 day terms with the borrowings repaid.

The PHES value is a real unknown. One of the institutional investors (who interestingly just sold out) suggested that it might be worth a net $50m to HGO. They could do the underground mining first. I am guessing that one of the attractions to pumped hydro investors is how quickly they could be up and running using what is already there so any delay would reduce that advantage.