Thanks for clarifying the issue - I guess it's up to the financier where the 20% comes from and the guarantees it needs. Can you confirm if the FEED study can be covered by a loan - as I have seen it previously (for miners) the financier needs a pretty good case (i.e a Definitive Feasibility Study - essentially the FEED & possibly their own independent study) before they will provide any finance and also will insist on equity finance for a part of the project (i.e the 20%) - they want "skin in the game". I recall an old adage from my own history when the financier said "the pig make a greater commitment to the breakfast than the chicken" when my own company was asking for debt finance - this meant the directors also had to have personal "skin in the game" via their personal collateral (in the form of equity and/or pledged collateral) - basically the financier want commitment from an intimate part of your personal anatomy.
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