David Flanagan giving BAT a kick on Twitter, page-179

Whilst this thread is on the topic of funding ... patience!

We are at around the 6 month point. Origin Capital were first appointed in July 2018. No doubt background work continues and we should have an update on progress in the next quarterly. We were given an update in the September Quarterly.

https://unauthorised investment adv...hich-mines-are-worth-risking-billions-on/amp/

“Why is this taking so f$%&ing long?
Common misconceptions about mine project financing usually relate to three things – the time it takes, the lender’s appetite for risk, and the amount that must be raised.

First, it actually does takes a long time. The debt financing process rarely takes less than 6 months and can often stretch out to more than 12 months, Mr Weaver says.”

and:

“Lenders are heavily focussed on ensuring a project is fully-funded before being prepared to “release” their funding, Azure’s Mr Weaver  says.

These lenders require an independent technical expert to verify the borrower’s cost estimates, even if a project feasibility study has been completed by a third-party engineering firm.

Lenders also look at things like management’s experience and track record, jurisdictional risk, and the company’s environmental and social licence to operate.

And often, to ensure revenues are guaranteed to flow once the project is up and running, a percentage of production must be locked up in offtake agreements with customers.”