Its all fine and dandy, at current prices they have options to refinance or extend the terms. If Gold rises a bit they can easily pay off the whole amount in less than 3 years no problem. Unless you are dead set that Gold will fall, your predictions and inferences about what they need is totally of kilter with reality. You are in effect creating a crisis scenario and using the backdrop of the largest secular decline in the mining sector as proof to support your theory, but what is here today is gone tomorrow, the only guaranteed constant is actually change. Today's environment and factors are guaranteed to change and become rather more or less favorable. Its not fair and say 3 years from now or one or two years from now. If you could make those predictions we would all bow before you and call you King Midas and follow you in droves taking you by your every word and thanking you for making us millions.