Excerpts from a Reuters article:"We think 2016 is a realistic...

Excerpts from a Reuters article:


"We think 2016 is a realistic target," Mark Williams, general manager of Xstrata Copper's Philippine affiliate, Sagittarius Mines Inc, told Reuters.

"Construction is slated in late 2012 en route to commencing commercial production four years later."


That all sounds great - except those comments were written in SEPT 2009. Here we are in 2012, and the proposed project is illegal, land for infrastructure hasn't been earmarked, and SMI are not even able to give a commitment to commence. Furthermore the production target depends on the power station being operational by 2014 (refer 2nd article).

Readers can do their own assessments to determine whether or not it is misleading for IRN to still be giving guidance for 2016 production. Maybe ASIC should ask them, in light of the developments since 2009 and the notoriously ambiguous and inefficient political and judicial framework within which the matter now rests.


Articles here:

http://www.reuters.com/article/2009/09/17/xstrata-philippines-idUSMAN38231420090917

http://business.inquirer.net/37881/tampakan-firms-to-sell-excess-power