Assuming no blatant brown paper bag motives afoot:
This smacks of NT Gov telling TNG “here’s some land” to which TNG seems to have assumed that’s it and focused purely on that.
NTEPA on the other hand is probably pulling the “our process dictates evaluating any proposals with alternative location options provided” so as to make the decision holistically. But that in itself seems flawed.
In one of the submissions I read, ECNT have called out classifying the DPF land use for mining purposes. They are questioning the legality of why a mining permit (my terminology might be wrong) of sorts has not been obtained under this line of thinking. They also call out for…wait for it…a mine management plan! I am not convinced their intentions towards this EIS are that green after all - whether their thinking is right or wrong, they could have raised this previously but probably chose to use this as a delaying tactic.
Also, recall that we got rid of GHD and appointed APM - maybe neither understood depth/complexity/nonsense of the NT permitting process, maybe depth of any local relationships wasn’t there despite “closely working with NT Gov”. TNG is certainly culpable in this regards to some extent as it is clear that some of these issues may have been easy to understand/address had TNG got some local presence (having an office in Perth with FIFO meetings vs local office in Darwin, at this stage, you got to wonder how close the relationships actually are/were). Perhaps Ando could be recruited as local TNG corporate affairs person
What an amicable route out of this will be is the million dollar question now. PB certainly needs to put his hand in pocket and/or take a haircut in salary because this outcome hasn’t warranted years of that compensation and does not deserve for it to continue, at least until this mess is resolved. I cannot support the status quo anymore as he needs to demonstrate taking accountability of his leadership (or lack of) here. As Ando reminds us often of the bonus he collected when SP jumped up for 3 months, now he needs to show that the opposite also applies given where everyone’s investment is now at. Long before we know it AGM will be upon us - a clear communication and action plan is the least management can provide with regular updates else I will be surprised if another 249d doesn’t arise. Plenty of pissed off/spooked SH here, a lot of LT holders too. Time to take emotion out of it and move forward rationally and equitably.
TNG Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
