Resgen funding, page-20

Its worth noting that the project wouldn't be able to withstand the rates that Noble would want as a return so I don't think there is any merit to the statement they want their own funding or none. The other thing that you need to consider is the actual statements Noble is making regarding its own liquidity balance which was just over $1 billion on the last note that I saw.

They don't have the funds to support the full development of this project by themselves, which means they need some other lends (potentially the other banks that were looking to lend before). So again lets think about what they would want as guaranteed proof of revenue (as they want to get paid).

There is no way a big lender is letting ResGen have a 20 year loan, so if we think 6-7 years, then the numbers I listed above before are now closer to $10/t in finance costs. Also banks don't lend against current prices, they lend at % below the forward curve. So if the current price is $50/t and banks are comfortable lending at 10% below that rate, it then becomes a starting price of $45/t minus $10/t finance costs.. so now we have $30/t to Mine, Rail (1000km), Port, G&A.

Numbers are starting to tell a pretty clear story if you ask me. Coal needs to jump to +$60-$65/t before this gets funded realistically.