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Gold/Mining/Energy : ZINC The base metal. News and Views. Symbol Zn
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To: Claude Cormier who wrote (140)3/5/1999 2:25:00 PM
From: Ray Hughes  Read Replies (1) of 3270
 
Claude:

Completing the Aljustrel feasibility study could fully absorb the $US5 million that can be raised under the facility with Rothschilds. Hence, additional capital was required to general corporate overhead. The feasibility study will require considerable travel on the part of our technical staff. Such spending is known as "owners' costs." Further consideration has to be given to the potential lags between completing the feasibility study and confirmation of the final financing which we believe can be done with a combination of grants, European Investment Bank, and the Rothschild debt finance interests.

Grant money is paid in arrears, i.e. after one spends the money on the project. Raising money through European Investment Bank will probably require many, many meetings, etc. So Auspex has to assure sufficient working capital to take it through until the project is fully financed and generating cash flow.

RH
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