Am I right in assuming there is no off take agreement currently in place between JXTC and the acoje project?
I also note that the merger is subject to the completion of confirmatory due diligence by European Nickel and Rusina prior to 3 March 2010.
Merger Next Steps
It is expected that a meeting of Rusina shareholders will be held in early May 2010 to vote on the proposed Scheme. Rusina shareholders will receive a Scheme Booklet and notice of meeting in March 2010. The Scheme Booklet will contain full details of the proposed transaction and will include an independent experts report for the benefit of Rusina shareholders. The transaction is expected to be completed by late May 2010.
You will also remember the recent update on the Chinese Financing Framework Agreement
Jiangxi Rare Earth and Rare Metals Tungsten Group Company Limited (JXTC) continues to progress the approval process for its US$20 million equity investment in the Companys aldağ project through the various provincial government departments. JXTC has advised European Nickel that provincial government approval of the JXTC investment is also subject to the receipt of an export credit agency letter of intent. This process is now expected to be completed during the first quarter of 2010.
On the project debt financing side, following China Tianchen Engineering Corporations (TCC) application for credit guarantee insurance to the Government backed export credit agency providing the cover for the debt facility, a letter of interest has been received which confirms the process is now fully underway. An expression of interest has also been received from an institution managing the investment of a US$43 billion government backed programme, which is a further step in the credit guarantee insurance process. The next step is to receive a formal letter of intent, which is now expected during the first quarter of 2010.
Am I missing anything else in a potential time line, apart from a potential DMCI and RMLA DSO announcement to perhaps come through in the coming weeks / months...
