“Since a number of the ‘early works’ capital costs have already been spent – including construction of our $5 million accommodation village at nearby Kimba - most of the requirements for Stage One of the project have now been achieved”. “Debt financing through Australian and international financial institutions is expected to be in
place over the next few months”. “This will allow us to fast track the next stage of our project – the designing and construction of the gravity circuit”.
It seems that Debt finance wont be needed until a few months as stage 1 is nearly complete. The current remaining cash for workforce and equipment leases. Theres also $11 million from options conversion for further operational spending, so by end of Q1 we should be stock piling our FE ore ready for shipment. I would think the payment for first shipment of ore 30 days in advance of delivery will come before debt finance as well. Thats what I think of the current situation.
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