Hey Uni, Shame about A40, seems misalignement of interests...

Hey Uni,

Shame about A40, seems misalignement of interests between lithium miner and nervous bond holder a contributing cause. Sympathetic to Alita shareholders considering lack of disclosure re: JBJ 'force majeure' back in May which severly disrupted sales. Tribeca's default notice on $40m @15% junk and subsequent VA with GXY debt bit of a fiasco. Understandably, Chinese control via Cayman Islands vehicle difficult to swallow for many. Apparently company worthless with $56m assets/$96m debt so assuming CHEL/Liatam are reg. Chinese charities.

Guess it's possible steep drop in Chinese EV subsidies from April 2019 onwards was strategic decision to bolster SOE presence in Oz Li-hardrock. Notice CATL now No.1 shareholder in PLS after lowball CR against backdrop of spod sales slowdown. Recall PLS have $US100ml @12% Nordic bond from Pareto which took under 4 weeks to sort out back in 2017. Fast turnaround and well supported in contrast to attempts in graphite space where sovereign risk bigger factor in issuing credit card interest deals.
Will be interesting to see level of support for AJM refinacing of US$110 million @15.3% senior secured, also from 2017. See strong mid term outlook for Li but current market stress highlighting issues with 'high yield' debt providers. Altura suspension dragging out, maybe heading for increased Chinese control or trouble? Consider Gangfeng strong partner if hat in the ring.

With regard to EGR, good announcement from Mr Spinks today, brimming with renewed confidence. $60 mill debt funding looking ready to go. Vertical integration of Epanko/Kwinana looking attractive given margin improvements available. Be interesting to contrast KfW term sheet rates to those examples above. 40yr mine life needs stable, low cost, aligned financial partner. Bonds above hitting trouble couple of years into issue.

Surpised no announcements from other Tanz. graphite companies on this watershed day.
Plenty of time to consider material impact to funding plans over long weekend...