"subject to financing" is legal speak. At the time an agreement is struck, regardless of the due diligence performed, legally, they have to describe it as subject to financing until such a time as the loan is formally secured. So at the time of the JV being established, the need for the machine to be built and who would build was established. At that time they would have looked in to financing and ensured it was viable long before the JV was formalised. Think about....who would go through the effort of being this JV into existence without being 100% satisfied financing was there. The revenue generated from the 45000 tonnes of scrap tires pays for one machine several times over....financing will be a non-issue.
If I'm not clear, let me know
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