Some information below, sums it up pretty wellThey have...

Some information below, sums it up pretty well
They have delivered a Feasibility Study not a Bankable Feasibility study. Mitsubishi will not pay until that's is done.

Financing

- Joint Venture agreements executed with Mitsubishi in September 2007;

- Initial payment of A$150 million for a 50% interest in Crosslands made by Mitsubishi in September 2007;

- Deferred Payment for Mitsubishi's 50% interest in Crosslands expected in December Quarter 2011, prior to a final investment decision;

- Mitsubishi to manage arrangement of all debt funding for JHEP and infrastructure projects under Umbrella Financing Agreement ("UFA");

- Mitsubishi required to provide to Murchison up to A$400 million in contingent equity type facilities under the UFA;

- Planning for debt funding arrangements well advanced with Mitsubishi;

- Draft short form terms sheets completed with syndicate of domestic and international commercial banks, including all four major Australian banks;

- Draft long form terms sheets under preparation for prospective debt providers, including Export Credit Agencies ("ECAs");

- ECA engagement process well advanced, including road show in Japan, South Korea and China in March;

- Firm credit offers from debt providers targeted for December Quarter 2011;