af shootout, page-13

You still haven't offered any explanation as to why so much money has been loaned out.

Surely the amount loaned out is much more than is required for ongoing costs etc.

Cuervo loan to potentially pay for shares at a premium with two SRK directors getting a seat on the board.

A history of director related loans to other associated companies (that's where the Berau project came from)

Will SRK have to raise cash to win the shoot out at the OK Coral?

They could end up with 100% of a large project where capex means it's uneconomical (HRR nickel and MOL molybdenum examples, market valuing large projects at zero)

On the other hand Gallagher might want to pick up the remaining 80% for less than the cost of the initial 20%

Not a bad punt at these levels but a nasty lending habit