Financing
Uncommitted funding
Although Mozal has a proposed financing structure, significant equity remains unidentified and none of the lenders has formally committed financing.
Political interference
Political interference
Construction delays
Construction delays
Unconpracted production
Unconpracted production
Loss of tax concessions
Loss of tax concessions
Construction cost overruns
The project's $1.365 billion budget could prove insufficient if construction costs exceed estimates or completion is delayed.
Aluminium price volatility
Mozal's revenues depend on market aluminum prices, which have experienced significant fluctuations. What condition could IFC impose to protect its investment against this risk?
Failure to achieve completion
Failure to achieve completion
Offtaker default
Offtaker default
Permitting or environmental noncompliance
Permitting or environmental noncompliance
Insufficient debt-service coverage
Mozal's ability to service its debt could deteriorate if operating cash flows fall below projections.
Multiple adverse events
Multiple adverse events
Diversion of sales proceeds
Diversion of sales proceeds
Weak legal enforceability
Weak legal enforceability