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  1. #1
    Eartha is offline Member
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    lock in financing

    Dear all,

    How should I understand the underlined?

    Thanks in advance.

    Eartha

    Sundance hopes to lock in financing for Mbalam by year's end

  2. #2
    SoothingDave is offline VIP Member
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    Re: lock in financing

    Depends on what "Mbalam" is.

    To lock something in means to have it all arranged and completed. If i want to buy a new house, i can arrange with a bank for a loan (up to a maximum amount) and an interest rate in advance. I can "lock in" the financing before I have even found the house I want to buy.

  3. #3
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    Ouisch is offline Moderator
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    Re: lock in financing

    Quote Originally Posted by SoothingDave View Post
    Depends on what "Mbalam" is.

    To lock something in means to have it all arranged and completed. If i want to buy a new house, i can arrange with a bank for a loan (up to a maximum amount) and an interest rate in advance. I can "lock in" the financing before I have even found the house I want to buy.
    "Mbalam" is an iron ore mining project in Cameroon. Sundance Resources is the Australian company developing the project.

    As Soothing Dave said, to "lock in" financing means to have a firm financing commitment (a legally-binding promise of money) from a person or company. For example: "Officials at Detroit Metropolitan Airport announced that they had locked in the $3 million in financing necessary to build a new terminal. Wayne County executives reached an agreement with MGM to allot 1/2% of the company's gambling revenue from their Detroit casino for the next five years to pay for the new terminal."

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