What they are saying is that they are expecting MMC will allow...

What they are saying is that they are expecting MMC will allow them to defer the repayment beyond 12 months. But they have no contractual right to do so, so if MMC doesn't let them defer it, it will become due within 12 months.

Because of that, they classify it as a current liability. But they are counting on it being extended.

It seems reasonable that MMC will allow them to defer it because otherwise it may well tip them into liquidation after which MMC will probably not get their full money back at all, or their copper. MMC will be aware of that.

But it's not a good situation to be in. It seems to me that although CMMC probably does like the Cloncurry project, it was AOH's cash that was the deciding factor in the takeover bid.