They are simply delivering what they should on time.
We clearly should be streaks ahead of them, but this is more about our underperformance then their over performance, LTR are where they should be, we aren't.
That said it is alot easier execute over three months on the running of a single drill program as opposed to executing:
A 30,000m drill program
Running an entire mining operation
Deal with offtake negotiations
Due diligence on hydroxide J/V
Finalize $32.5mill financing
Fines design & construction
Line up shipping
Resource upgrades
Collect payments
Balance the books
and the 100 other things that go into a mining operation we never think about.
Fair bit more on calderwoods plate, than what the LTR guys are doing if we gave Calderwood $6mill and told him to go drill cowan for 3 months with 100% of his energy I am sure he would deliver an A+ performance.
What needs to change here is simple we have been screaming it for months, but Calderwood is clearly a guy who marches to the beat of his own drum I don't think much will change, he will drag it all together at some point.
75-100Mt
non china deals with some kinda downstream
Jiangte hydroxide J/V kick off
Fines working 240ktpa
We are just passengers till then.
A40 Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
