Makes you wonder Tommy is PH all hes cracked up to be.Seems to...

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110 Posts.

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13/09/21

16:27

Post #: 56026626
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Originally posted by tomboy: ↑

So we all agree, this circuit 2 mine plan is the best.

It is flexible and massive, it can blend at any ratios 25-75 or 50-50 depending on the NP.
Its $22M capex massively cheap compared to $230M - $700M for Nova, Noront etc.

GR did not state circuit 2 would take longer than 6 months or that the schedule & mine plan would be delayed.
In the scoping study it was stated that-

Managing Director and CEO, Peter Harold, commented: “The results from the Scoping Study demonstrate that both processing plants can be refurbished at a relatively low cost and in a relatively short period of time, i.e., approximately six months.
..it allows us to consider producing concentrate from our high-grade resources like Silver Swan and potentially Golden Swan, ...The benefit of producing our own concentrate compared to selling ore would be the ability to obtain higher payability for the contained nickel and improve overall project economics. In addition, with a strong nickel price environment and positive outlook, it’s definitely time to review mining and processing of the lower grade Black Swan disseminated ore and potentially combining that feed with Windarra ore from Mt Windarra and/or Cerberus. These are certainly very exciting times for our shareholders.”

Starting up using the 1.1M circuit with blended ore then recommissioning the rest of the 2.2MTpa circuits x 2 makes sense.

What doesnt make sense is the delay when the ROM pad ore of 1MT is sitting there right next to the mill & SS GS has built mine declines right to the ore bodies, there is no impediment to mining restarting asap or production restarting as soon as the mill is working.

Getting ore from W or open pit or disseminated is options that can be resolved months into the refurb start. The GS SS mine plans are easily done now.
The ore sourcing is easy using the ROM pad ore for 6 months
By then you can use cashflow to build the decline to BS disseminated and the BS open pit dewatered & ready to mine also.

This can all be done concurrently if they want to in 6 months.
They dont want to, so again the question remains - what are they waiting for?
As its not the NP nor the mine declines or plants.

For 6 years we were told the NP was too low,
now we are told wait for the new mine planning despite it being the prior 2003 Norilsk & 2014 DS plan.

I warned you all, they can produce profitably at ANY NP as the capex & costs are way lower.
They chose not to. A corporate play in motion looks like.

The Ni war is going to come to POS before they are producing looks like.
AF is using POS as a carrot & BHP could use it as a bargaining chip for Noront maybe.
Still a t/o will rerate POS higher.

Expand

Makes you wonder Tommy is PH all hes cracked up to be.
Seems to be asleep at the wheel and resting on his past laurels.
Needs to up his game or like you say the ship may sail without us onboard.

POS Price at posting: 12.0¢ Sentiment: Hold Disclosure: Held
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