Ann: Orocobre Limited - Olaroz Stage 2 Expansion FID Approved, page-18

Quiono - I could never quite get my head around the proposed project funding arrangements but from the beginning they have said that stage 2 would be funded by a mix of debt, shareholders' equity and funds from operations. The only difference seems to be that originally they said they would arranged a debt facility of US$100m but now they say the debt facility is of US$180m. If they were offered preferential rates on the facility then it makes sense to load up on the debt particularly if it means that the extra debt means that Orocobre does not have to do any more cap raisings to pay for its share of Olaroz stage 3 and the Cauchari project.

Not sure why they refer to "shareholders' loans" as I am fairly sure that that simply means that Orocobre will use the funds from the cap raising earlier this year to pay their portion of the capital outlay: Olaroz is a jv and as such it does not have shareholders.