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Well total debt was 73 mill. If I were ANZ I would want this original debt cleared before I established a new facility. On production schedules for Q1 they should have squeezed out a 7 mill profit after all expenses plus had cash at bank of 10 mill at the start of the quarter. I think they ended up getting 70 for LL with the stockpiled nickel on site. Let's say 69. 69+10+7= 86 less debt settlement 73 = 13.

Probably 5 of this was used to effect redundancies and put sites on C&M etc. That leaves 8 for salaries etc. They made a creditor payment last quarter of 10 mill. So I'd say creditors are awaiting payment on about 10-15 mill. so, they have a shortfall of about 2-7 mill, thus the statement to reassure suppliers that refinancing is in progress.

Hopefully KZL argue for better loan terms i.e. 24 months. I wouldn't be surprised to see Guangdong involved in some capacity as well. If I were ANZ, I would probably be asking Kagara to get major investors involved to cover the outstanding creditor payment and front some operating cash. They don't need much but then they would really have a clean sheet going forward.

As for 11.5 holding, your guess is as good as mine, but certainly their profitability will improve as zinc prices rise and the AUD falls. The ANZ know that better than anyone.