RE:completely fundedReducing the cost of debt also helped. You said 5%, I said 6 3/8%, ends up 7%. Typical commercial bank lending right now is about 6.% I think, so that is not completely out of line.
Interest on $245 million at 8.75. $21.5 million per anum.
Interest on $400 million at 7. $28 million per anum.
So, an additional $6.5 million per year for $155 million in cash. That gives them a cash horde of somewhere around $222 million (I assume all the numbers here are USD).
That is easy to cover from Gib. Uncertainly of the call is taken out of the equation, and present cash horde plus cash flow from Gib could easily build out Florence without a JV and without delay.
A little more clarity. Any JV right now is just a luxury.
If I was them, I would already have the well dug and start injecting solution as soon as the EPA permit is issued. Let it perc while they build the production facility and start producing copper cathode as soon as they get the occupancy permit on the facility.