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Message: Re: Ethan's post on SH
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Jan 28, 2015 10:39AM

Jan 28, 2015 05:46PM

Marc, I suggest you revisit the recording of the meeting and at approxiamtely the 26:00 mark, the question is asked about the delays due to the additional tests etc. Of particular interest should be the comment by Farhad that it was not only the primary Development Financing Institutions and Exim Banks that were requiring these additional tests. This tells me that these tests were needed for the additional debt bearers and/or by the royalty financing entities. Also, just prior to that question, another investor asked about the 15% contingency baked into the CAPEX. He asked when it would be removed from the CAPEX and Farhad said that as soon as the govermen would issue the raod building contracts, the CAPEX requirement would be adjusted.

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