True to their MO they are taking their time getting this project started. The main thing is it is going to be underway soon and the costs + time have been reduced.
I get the impression some of this delay is because they are going to go straight to stage 2. Sounds to me like these S African customers are keen and an offtake will be done. As per the production schedule shown in the recent presentation, most of stage 1 is taken up with Carrinho & other customers (Biocom?), so stage 2 would be needed for these S African customers.
I thought it was a bit strange how they quoted stage 2 expansion as being between US$1.7m to $3.3m. That is a big range & I wonder if the $3.3m related to a bolt on addition after stage 1 was complete and the $1.7m related to integrating stage 1 within the initial build? IMO if these new customers are serious, it would make sense to firm these customers up and build straight to stage 2 even if it causes a month or 2 delay. There have certainly been a lot of hints about accelerating stage 2 in recent announcements.
Is it just my old eyes or did others have trouble looking at that updated design diagram.
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