They should have done this at least three months ago - and now the horse has bolted and the cash is rapidly running out at $52mil with more to come to pay out those ICO contractors/staff.
The next announcement should be they're ceasing the refurbishment of the Brazil refinery as they don't have the money to complete it and don't need it until ICO is in production.
Ann: Jervois suspends final construction at ICO, page-2
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