Also SDL has told the market for months that the EPC bids came in under initial estimates (a known quantity). Hence Standard Bank would have already spent quite a lot of time engaging in funding discussions with various parties (as per below). I wouldn't think seriously GJ is only now starting to "drum up" support for funding and admit to the press about it.
....Standard Bank has already held discussions with a wide variety of potential funding partners
and has received several expressions of interest from Export Credit Agencies and Development
Finance Institutions. In addition, expressions of interest have been received from Insurance
Agencies who will provide protection for the commercial banking tranche.
The result of these discussions is that there is considerable support for the Mbalam-Nabeba
Project from the above-mentioned institutions, including Western and Chinese providers of
project equity and debt capital.
Sundance has commenced work with Standard Bank and Mota-Engil Africa to convert the
indicative term sheets to credit-approved term sheets by the end of this calendar year"...
SDL Price at posting:
8.7¢ Sentiment: Buy Disclosure: Held
