Sure. We have a 10-year ML which was issued in 2015, leaving 7 years remaining. Our prospective lenders (KfW and Nedbank) require the refreshment of the ML term due to the long tenor of the proposed funding arrangements. Not sure how closely you have followed KNL, we have been in finance discussions with KfW to loan up to US$40m, this is not our total preproduction capital requirements, hence why I said “partial funding”.
KNL is not without its risks. I think where shareholders of KNL, at least on HotCopper, differ from the shareholders of some other G plays is that we don’t bury our heads in the sand and pretend these risks don’t exist and we don’t claim to be a “sure thing”. In my view, KNL management have done a tremendous job in de-risking the Epanko Project and whilst progress has been painfully slow at times, I believe we are the best positioned to progress our project to development and then into production.
KNL Price at posting:
15.0¢ Sentiment: None Disclosure: Held
