Delay he may have been referring to is the DPIM changes so they can pay royalties etc on payment receipt not on production/sending to the refiner. Seems that was the context. Also, if the system stays the same, and with the inevitable increased costs coming from increasing production and Plant 1, KCN will require more working capital unless they can build some up quick now which they cannot seem to.
Ann: Chair's Address to Shareholders, page-5
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