"Partially" funded doesn't cut it, light years from "letters of support" others appear to be banking, term sheets have been drawn on three semi govt lenders and agreement in place to form a similar vehicle to JARE, sole purpose lender to Lynas backed by JOGMEC & Sojitz.
This common vehicle will hold security over assets, pool funds, and once commercial funds/equity is fully expended, allow those funds to be drawn down to fund project development.
If nothing else HAS serves as an example of just how long the DD process is in the quest for funding on these very long lead time projects, particularly for RE where NO commodity mkt exists, wholesale exchange of any volume, lenders have to take a punt just like investors, and Govt lenders don't enjoy punting (unless of course there may be some votes in it - think French submarines).
End result is a set of conditions to lock that funding down, hopefully HAS now drawing to the end of what must be about an 18 month period getting everything in shape to meet those conditions and get the multi Govt funding package signed off.
The Germans must be increasingly anxious to get their hands on LT supply NdPr.
HAS Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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