You are too polite to ask Jean. It is a reasonable question that I also could have asked had it occured to me first.
With a bit of thought, I reason that a buyer would not see much difference between Noront with or without a loan.

Assuming that we have the loan so is the company worth more by 400 million dollars? I say no, because it would be so only when the loan is paid off in some manner.

On the books you have a loan of 400 on one page and physical assets in the form of cash or mine constructed on another page. The two pages cancel each other. Only time they would not completely cancel is when the mine is constructed and it no longer is considered worth the original 400 that was used to build it.

Any accountants on this forum? Did I state it correctly?