I'm not sure about the "breaking ground" comment. I think that...

I'm not sure about the "breaking ground" comment.
I think that has now been delayed as in the last interview he stated "we COULD start construction later this year". So in my mind that means it has slipped 6 months.

Maybe its due to the Titanium taking longer than expected. Or it could also be the change of tact that we are now going towards SMS financing 1st instead of going with a cornerstone investor type arrangement. Either way I don't think we will have any money to start the construction until next year. As PB mentioned he cant go to any other financiers until the SMS refinery is sorted out.

I don't think this visit from SMS will be about bringing a chequebook. I imagine the finance people would be running the numbers and getting all the information then taking that back to the ECA bank to submit the application. I don't think SMS would be worried about the cost of a few flights and accommodation. As we had the Vice President and Board member out here. But they also need to send their finance boffins out to run over everything.

As in the last SMS announcement there were statements:
"provide assistance for arranging the funding and the construction of the TIVAN® refinery which may include an Export Credit Agency backed financing or other structured finance tools."

&

"SMS group is one of the largest users of the German0based Export Credit Agency scheme and their close involvement gives us an opportunity to access this highly attractive finance option for the project".

To me that sounds like they will be helping with finance and helping get access to apply, but its not imminent.
I think to get finance for the refinery we would have to wait for final approval for the refinery through the EIS. I don't believe that will be done until early 2017. As the EIS is only for the mine site How could the ECA approve the refinery build money when they don't even know if its approved to be built yet EIS wise?

Just my thoughts.
I'm thinking the timeline has really slipped 6-12 months. As if PB says in the last interview we cant get other finance without SMS/ECA refinery money and the EIS for the refinery wont be done until next year, I cant see anything happening finance mine wise until next year. Unless the ECA bank is happy to give out finance to a project without the government EIS approval? I cant see how that is possible.