Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.
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SP activity as yesterday. A rise and then MM manipulation to counterbalance the rise and control the SP at a low level.I would like to know the who and why of all this.
By the way in my opinion Lisadee is entitled to her opinion. Time will tell whether her view that the project is a non runner is correct. What is clear is that Vitol are certain that it is and I'm sure they completed their own due diligence. Batting to and fro with Leesadee is just a non productive passtime for posters. Nobody knows anything of substance and JW seems very confident,(and he knows a lot more than LSE posters) that all will be well on the environment front.
Kibuc, good post as usual. Prescient and to the point.But I didn't get the inference from JW that Vitol might not be a funder. Did I miss something?
@Setanta1
At the end of the interview JW is pressed for answers about funding negotiations, and he says that after the Term Sheet was agreed with Vitol, he sent it to both parties they are negotiating funding with. If we take that statement at face value, it effectively means that Vitos is not one of those parties. Having said that, it could have been be a smokescreen but we can only make assumptions based on what we know.
It looks like they now have an interesting choice between going for equity/loan split or taking full equity funding. Each comes with pros and cons. Full equity funding means there's no financing cost to bear BUT you retain much less of the equity. I think in the long run preserving as much of equity as you possibly can is paramount, as long as you're convinced you can meet your loan payments.
As I posted before I think one of the potential funding partners could be VTTI
If Vitol genuinely believe in the project and have done all their DD then it would seem strange for them not tonwant some equity exposure. VTTI is owned by Vitol but is a separate company so it would still fit with JW’s comments that he sent the Vitol termsheet to them.
Re the funding I dont believe there is any option to 100% equity fund this as it would not really make sense. If you listen to JW’s comment in the interview carefully he clarifies that one party is looking at providing equity and would want external debt whereas the other party would want to fund the entire project by providing both the equoty and debt together. Eg the project would still have debt but simply provided by the same party as provided the equoty