Okay, am home now so can report on the AGM. I guess the other Hot Copperites who attended ( 7 or 8 guys) will add their comments, but I'm guessing that like me they will be shell shocked to see the SP fall today, coz there was nothing said at the AGM to warrant it
Takeaways from the AGM as I saw it
1. MT restated again that the ERR Approval process is proceeding positively. Its taking longer than anticipated, its a tortuous process with many stakeholders ( government entities) who all have to have some input and review. Its just the way it is, lots of red-tape, but nothing which has been thrown up as a deal breaker or problematic. In fact the feedback appears quite positive, jut got to go through all the formality hoops. Approval is expected now early in the New Year.
2. NAG is also in dialogue with the Strathbogie Council for the Planning Permit. Again, things take time. I daresay that once ERR approval is received things should be expedited at Council level ( my thinking here).
3. Regarding PASS tonnages, it was confirmed ( essentially repeating one of the VIC governments documents) that there will not be much PASS from the 3 Metro shafts ( the stations I think they are) but the metro tunnels will generate 1 million and upto 2 million tonnes PASS. More than first anticipated, and seems related to the revised depth of the tunnels. On top of this there is also plenty of PASS to come from the Western Distributor tunnels given the geology, just how much is not yet quantified by the authorities, but whatever, it is expected to be very significant . As well there are some other projects under planning that will require PASS disposal but these come after the Metro/Distributor projects.
4, Tunneling will not commence until 2018. This should not be news to anyone. Tendering for the projects is still underway, so negotiating contracts for PASS disposal will need to wait until finalization of project contractors and they in turn have to have Env Management Plans in place. Anyway, ( my view), should imagine PASS disposal contracts will need to be finalized in 2017 with the various assigned parties. MT has had dialogue with some of the main players, John Holland, Lend Lease etc and confirms these organizations are switched on when it comes to environmental compliance and are relieved to learn that there is now a viable option for large scale PASS disposal
5. It was confirmed that in the past, PASS material has been taken by land-fill sites at a low cost (around $20 per tonne ) But the situation right now is that some existing sites are closing, and that what remains ( such as Bulla) now HAVE VERY LIMITED CAPACITY and certainly could not handle the expected PASS tonnages. But ( in my view) more to the point is that is that in the past there has not been an environmentally acceptable method for PASS disposal, so with no other choice or option, these landfill sites have been used and a "blind eye turned" by authorities. This circumstance no longer applies, the game has changed, because with NAG there is now a viable EPA approved alternative for large scale dumping. Authorities cannot then turn a blind eye to PASS going to other sites on any sort of scale. And, as MT stated, these big players ( JH, Lend Lease) are environmentally conscious. So hopefully, this commentary might put an end to ProjectInsider's view that other landfill sites will continue to take PASS in the tonnages now contemplated. NO WAY says MT.
6. So in a nutshell, things appear to be on track, its just a slower slog than hoped for. Whether or not this was the cause of the rout on the share price today who can say, but I imagine a lot of stop losses were triggered in blind panic. As I say, apart from the protracted time it takes to get these approvals, I saw no other "negative" at the AGM. As for ProjectInsider on Hotcopper today stating the company is insolvent, I don't know what the legal implications are of such an apparently unfounded comment, but I hope if legal action is possible that NAG follow through with it, hang the cost, nail him. As I say, I saw nothing at the AGM to warrant the rout today, and accordingly I opted to top up and managed to pick up a swag in the 9's , thank you very much to the panic sellers.
7. A substantial briefing was also given at the AGM on the gold side of things. MT is very excited about this 2nd string to the bow, given the proximity of the leases to the recent Forrestville news. NAG have built a very large and envied holding in the new "sweetspot" area for gold exploration in Vic. Geophysics still underway ( aeromagnetics interpretation) which will be followed up with IP work on prospective areas
8. A resolution was passed enabling a 10% increase in share placement, but MT stated that this is simply a contingency measure should funds be needed at some future time , but sees no reason for additional funding in the foreseeable future ( so much for ProjectInsiders blog today the company was insolvent !! Just shows he is full of s.. $* ..t As said, I believe he should be vigorously challenged on this at the legal level. It would be a terrible pity and travesty if some shareholders were led into panic selling based on his posting.
Its also a shame ProjectInsider did not attend the AGM, and by the way, neither did Rosello.
To the t other HC crew who attended the AGM, please add your commentary . No doubt I've forgotten some things
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