RE:Subdued reactionHere is more on the topic from:
https://www.northernminer.com/news/coalspur-secures-key-permits-and-agreements-at-vista/1002940370/?&er=NA
"...
Coalspur is still on the hook for Vista's funding, however, as the company has secured roughly US$350 million, but will require an additional US$150 million to develop the project. The company would likely also like to ink additional equity or offtake agreements in order to decrease its debt financing, which was secured at an 11% interest rate. BMO Capital Markets analyst Meredith Bandy — who dropped her stock rating to "market perform" and target price from 35¢ to 30¢ following the announcement — wrote in a Feb. 28 research note that:
"BMO Research is downgrading Coalspur on concerns that the company may have difficulty financing [Vista]. Coal demand remains robust but, unfortunately, supply remains even stronger. Seaborne thermal coal appears oversupplied, pricing is weak and, as a result, coal greenfield projects remain deeply out of favor."