KfW-IPEX, page-4

From Altech October 2018 announcement:

"Whilst Advisian has benefited from the extensive amount of information generated during senior lender duediligence, it is currently anticipated that Advisian will require until the end of November 2018 to finalise itswork, resulting in a 4-month due diligence process. In comparison, senior debt due diligence tookapproximately 15 months to complete."

Senior debt being KfW.

As TNG scope is now well documented and in a more "conventional" market to Altech's HPA, you would think KfW won't be needing 15 months, given SMS having long term involvement already and KfW indicating a focus on mining.

But who knows what conditions they may face from KfW in regards to the refinery, which could drag on.