I think there's something else worth considering here. The amount of effort it'd take to train a new work force - with its gleaming safety record -, would be time-consuming and cumbersome. How many delays might have already been caused to inexperience? How many times did I tell ya - don't forget the pumps! Whatever it might be these things can be streamlined as more experience is gained all round.
I wonder how much cash the Andhra Pradesh government is putting in towards Health and Safety? Later on, using the Pilbara boom as a model, when new mines open up, the construction work was delegated to engineering firms or EPCM companies. Once construction finished, the EPCM continue to manage ongoing works, health and safety, accommodation and food on specific sites. In the Pilbara boom these companies became pretty lucrative, with Rio and BHP using them extensively. Because of announcements made in the past, I wouldn't be all that surprised if NSL developed an EPCM arm of their own. One EPCM company - Calibre - based in Perth and running multiple mines and rail projects in the Pilbara, listed for 50 cents on the ASX - a few years before the end of the boom. Have no idea what they're worth now but it gives some idea about the value of EPCM companies.
Anyway, I haven't been too fazed by the time setbacks, especially after the PO. It sounds like there is so much going on in India right now: The Modi government are trying to update the national banking system, set up major projects like the India/China rail link, city building etc., there's a fair bit to contemplate for all concerned. Especially when it comes to how they're going to manage it all, and who fits in where.
I like where NSL are sitting right now.
Cheers
Rhama
NSL Price at posting:
3.4¢ Sentiment: Buy Disclosure: Held
