I agree Wombat, although the key follow-on agreement here in my opinion is SMS. The commentary from PB recently has certainly sounded like SMS have got finance for the project ready to go (and their own due diligence andcompleted). To be honest, each time he commented on it I felt like he was a little too free with how confident he was that SMS will be able to provide finance for the $700M refinery.
Personally, I think we will see SMS finance/construction announcements VERY soon after locking in some binding agreements (or at least the significant one with Woojin). This would put us in a fantastic negotiation position with Hyundai in terms of agreeing on the amount of equity that they would take in the project.
TNG Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
