Noble is not funding the mine, just proving working capital until it gets funded. Once that happens Noble basically get free (or at least very cheap) coal for 3 years.
Noble going under definitely a risk though. No working capital and no finance means we are stuffed.
I think Noble will survive, Goldilocks get nothing if it goes tits up, they are just playing hardball to get a better deal.
Ann: Market Update - June 2018, page-17
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