I think the plan all along has been to sell the Darwin refinery with guarantees/approvals/finance in place, plus the IP, to the highest bidder. Possibly Vimson or someone else waiting in the wings.
Maybe $150-$200 mil I don't know, something we'd all be happy with especially as we'd end up with a free carried Mt Peake and smaller capex of around $300mil? plus a contract to provide the refinery in Darwin.
TNG will no doubt have to raise again to carry on as is for another say couple of years so I'm wondering now if the Tivan buyer will be prepared to step in and take over finish the approvals process even though there'll be no guarantee of an outcome!! Maybe this is why TNG applied for recently, and got, Fed Government Major project status as the NT vibe was getting anti!?
For us retail shareholders I believe it's crucial the refinery be sited in Darwin. Anywhere else the cost to transport may be prohibitive.
Although the sort of returns Mt Peake will make, less royalty (cost?) maybe it could pan out?
TNG Price at posting:
6.4¢ Sentiment: Hold Disclosure: Held
