Yeah, BG has joined the party at the end of 2020 I believe.
He and his team decided to change the BFS to 20mtpa and increase all BFS costs including the cost of the project. Even with Citi on board they couldn't see costs going through the roof and then 17Oct ann. came in.
Look at CIA, sure a different story but they started with 7.5mtpa and it took them some time to get to 15mtpa but they've done it.
(Someone said we should start with the lowest CAPEX and start producing this great product and then increase the production - and I agree).
Now after being in his job for say close to 2.5 years, $55m dollars(before the last cr) has been spent and SOI went from around 300m SOI to 920m SOI, sp was around 4c end of 2020 and today is below 4c.
Shareholders have to decide if we want the current BOD to start and deliver BFS 2.0.
I'd like to see someone on board who has deliverd similar large project in the past and JV with you know who .
Have a good week
HIO Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
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