RE:RE:RE:RE:ITOCHU Still Responsible for Interest Bearing Loan QWERTY,
We'd have to see the original agreements concerning Ivanplats. ITOCHU is only a minor partner at 10%. They came onboard in June 2011, before the IVN IPO. So, I'm unsure exactly what their financing obligations are. I think any number of Chinese miners would be thrilled to take their place. Since IVN is considering early production with a smaller footprint, I'm assuming any profits would first go to repay the debt obligation the Ivanplats partnership owes to IVN. Company shareholders would not be penalized.
IVN is too well managed to wait for a default. In the unlikely event that were imminent, certainly another miner would step in to purchase ITOCHU's minority 10% holding, There would be a smooth transition. But it's a a huge leap to assume ITOCHU desires this outcome after waiting eight years, with production just on the horizon. It would be a terrible business decision. Why sink in all that money, only to walk away at the last minute? I think some people are reading more into this than is justified by circumstances.