I agree with you TB that it hasn't been delivered by October 2016 and it's frustrating:
Perhaps they don't have the experience to deal with such international organisations
Perhaps their partners have a bunch of issues they need to deal with when committing tax payer funds
Perhaps the project has now become a much larger part of the Make in India strategy and God knows what that would entail
Perhaps these guys are just muppets as some on this forum suggest.
Perhaps there are a range of reasons that are commercial in confidence.
The fact is that we don't really know and can't be advised at this stage. But I am close to certain that they are doing a far better job than any of the experts on this forum could do. And so they should be!
And I am comfortable that the MPA will be signed in the next days, weeks months and I am comfortable with my investment.
If you don't think it will be signed, then I surprised anyone would still hold.
But while we wait, lets have a look at the timeline of the MPA communications.
Shareholder Update – October 2016
“The review has been complex, and involved tax, legal, legislative and compliance aspects for the Indian based corporate entities we will be using to execute the project, as well as the Governmental rules under which PSUs are required to conduct their business. This work is highly technical in nature and aims to articulate the role of the Pilot / Demonstration plant, which through successful completion of the R&D program, will pave the way for the Commercial Plant. While this important review has extended the parties intended completion period from our earlier program plan estimates, this was time well spent. Given the alignment with NLC and NMDC on the balance of the contractual elements, we are working to finalise the terms during November.”
Shareholder Update – December 2016
While the parties have made significant headway on concluding those terms, there remains a number of structural considerations that need to be finalised by the parties before those terms may be incorporated into the agreement ahead of execution.
“We do appreciate the ongoing support and patience of shareholders and look forward to concluding the terms as soon as possible.”
The Company is confident of concluding the MPA shortly and over the next two weeks will be posting senior management in India to finalise these arrangements.
Shareholder Update – January 2017
Further to previous updates in relation to the progress of the MPA, the Company wishes to advise that the parties have finalised the key commercial terms of the MPA following the visit of ECT
representatives to India in December and ECT has recently completed the detailed legal drafting of those terms in the agreement.
The MPA has now been submitted to NLC India Limited (NLC) and NMDC Limited (NMDC) for legal review, in line with their probity requirements, ahead of anticipated approval and execution by
each of their respective Boards.
India Coldry Project Receives Positive Overseas Ruling - February 2017
Further to the Company’s January update, the Company is pleased to advise the MPA has passed legal review at both NLC and NMDC without material amendment.
Given the potential significance of the project to enhance India’s future economic, energy and resource security while contributing to its environmental commitments under the Paris climate agreement, the parties determined it was essential to escalate the project to the NITI Aayog (National Institution for the Transformation of India Committee) for review ahead of final Board approvals and execution.
MPA Next steps:
Upon formal submission of the MPA from both NLC and NMDC this month, NITI Aayog will review the project against the national strategic plan and, subject to no further actions stemming from their review, the Company expects the Boards of NLC and NMDC to approve execution of the MPA shortly thereafter.
The Company is informed that the review process at NITI Aayog may take several weeks
Capital Management Update - March 2017
The structure of the MPA was carefully composed to ensure we met the requirements of Federal Government funding under the R&D Tax Incentive legislation, with this feature being a significant influence on the time taken to develop the agreement.”
And after all this, I'm still more than comfortable with my investment
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