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Ann: Lindi Jumbo Project Update, page-245

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cazz69

10,002 Posts.

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02/10/21

16:44

Post #: 56521765
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Originally posted by 96Blitz: ↑

***While the EPC contract has been activated, the Company is working with Jinpeng on a number of minor contractual details such as mandatory Tanzanian insurances and shipping. Once settled a final EPC contract will be finalised. An initiation payment of US$1.6 million on the EPC contract will protect the project schedule and enable work in China to get underway. The signed EPC contract is a condition precedent of the Lindi Jumbo project loan drawdown.***

How does a contract become activated without signatures attached cazz? There's also something called a 'letter of intent'. This is where the payment of $1.6M becomes even more significant IMO. Things are moving quickly in Tanzania and you should really try to get your head around this process or you can simply choose to keep operating in the dark. DYOR.

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Blitz despite your protestations you are wrong in asserting the CP have ALL been met. I'd strongly suggest your notion of production in 6 months is pure fantasy.

WKT Price at posting: 20.5¢ Sentiment: Sell Disclosure: Not Held
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