Puss, I had assumed they considered it when they originally did the numbers. Last time I saw PJ I did ask him if they had looked again at reducing capex - ie going back to the drawing board and looking to cut as much cost out as possible to get the debt size down and make the lend easier. But the response suggested it was already as lean as can be (which I was sceptical of given the distress in the market and the severe competition amongst contractors).
So I can't fault the strategy but I can (and do) fault the timing. It's such a huge lend that anything to get the quantum down should be considered - even if there is an impact in initial returns.
The question from me is simple - assuming contractor rates are competitive (and the capex is appropriately reduced) how much closer are we really to finance ie is this just the banks kicking the can down the road again to preserve optionality and not look like the deal-killer - or is it real?
To be blunt I don't see us getting finance while coal is so f+cked anyway. So another delay is just a given.
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