Hi pbawley...
Seasons seasonal greetings
...Maybe we had no choice?
(But as an aside, Jacko ...you are onto something about the banks
I reckon NRW could likely do a better job .
And why stop at banking ?
We can mine crypto currencies as well as gold out at Dalgaranga and change our name to NRW Hodlings.
- Although don’t think J & A will offer Visa cards... The convertible notes were paid out as soon as possible and they seem to be quite serious about steering company and shareholders into UN-debtedness by way of increased earnings, capital appreciation and dividend returns.)
....So did we have a choice? https://nrw.com.au/dalgaranga-gold-project/
That’s the original ASX announcement
A $300 million six year (72 month ) project starting Feb 2018 with five years now left to run until Feb 2025.
- earning what $50 million a year ?
NRW came on board in good faith only to find there had been some kind of major stuff up with the numbers causing, possibly, first a director then the CFO/Secretary to disappear, and then requiring Mike Dunbar to fall on his sword - possibly after ramping up some no account gold rumour at Tanqueray in order to appease a furious bank.
Which bank?
CBA seems to be all over it . Funded it , hedged it, sold out of it and bought back into it. They hold all the cards there .
Drawing a (very) long bow might the decision that NRW loan funds to Gascoyne be in any way related to the very bad and very unexpected vote against the remuneration package at the AGM?
Is that even possible? And why would it be?
Was that vote also relevant to the new funding arrangement NRW announced straight after the AGM? (As in the day after )
Maybe I am writing imaginary lines in the sand so as to read imaginary stories between them, but by having NRW loan the Gascoyne project the money it needs to continue to pay NRW ....and - even more importantly- put the bank back in profit the bank can’t really lose can it ?
( I think it is still the banks that are the loan sharks and not NWH)
Also from the GCY announcement :
This bit raises questions for me beyond ...how much interest has it so far ‘paid on schedule’ anyway and which arrangement are they talking about given they only announced this 75 day $12 million thing today...
“Th Company appreciates the strong relationship it has with NRW, further evidenced by the support provided by NRW through the provision of this facility as Dalgaranga stabilises production.
The first principal repayment for the Dalgaranga Project Finance Facility (A$1.6 million) is planned to be made as scheduled on 31 December 2018. The Company has made all interest payments required to date on schedule and continues to work closely with its Financiers National Australia Bank and Commonwealth Bank of Australia to review the facility repayment profile in advance of the next scheduled repayment on 31 March 2019.”
(20min delay)