I have a gut feeling this is the only hold-up, if there is indeed a hold-up. I don't know.But lets not forget KfW have their own approval process, one run by Bankers masquerading as Civil Servants, or was that the other way around?
From an investment and lending point of view the ownership structure of Epanko is irreverent (many mines are jointly owned in Australia), the question, i suspect, is priority. Specifically who gets 1st priority which is all any Banker cares about. If my hunch is correct an agreement on priority (think of it like a 1st mortgage) is as simple as Tanzania signing a piece of paper with KfW Bank. I doubt they would consider it with any other lender, but lets not forget the goodwill and existing relationship between the two. But i really cannot see how the free-carried stake would cause too many issues (from a lending point of view).
