I finally had a chance to sit down and read the NTEPA recommendations for inclusion into the MMP, they seem quite reasonable to me, and whilst there were some comments on the forum earlier in the week about a potential slowdown in the process due to environmental factors, I do not get that impression from the recommendations provided. They all seem logical and not out of the ordinary. The summary of recommendations provided is positive in its rhetoric and does not raise any significant concerns...if there were any significant concerns, this is where they would be listed in order to highlight to the minister where the risks are and areas they need to pay close attention to in their review of the MMP. As stated in the report:
"this report is not an environmental approval although it will guide the decision of the responsible minister" - given its positive aspect, I think we are not likely any issues develop.
Each of the recommendations appears to be entirely manageable - and no doubt the company had some kind of advanced notice of this which prompted the investment from LRC, and as management stated, they will be able to address all recommendations in the MMP - which by the way, I suspect is already largely developed and given the lack of surprises in the assessment report, will likely be submitted in short order.
This is a big step for CXO, and once the SPP is over, we should see some positive appreciation of the SP - especially as should have 10-12m in the bank.
CXO Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
