I don't think anyone has 'stuffed up', they could have done better and i don't think anyone disputes that, but they are playing the hand that's been dealt,
They have been subject to the previous governmental delays, as was every other foreign company seeking to mine in Tanz, nothing could have been done to speed that up. Things are now progressing in the right direction.
Peak have projected development costs of around $320m and intend to meet 60-70% ($220m) of that through debt facility and have said those discussions are progressing well.
It appears Shenghe will sign up for a considerable percentage of offtake, (possibly 100%) potentially forward funding a good portion of the remaining development costs. (they forward funded around 80 million USD to get MP Materials up and running)
Obviously Shenghe carry considerable clout as a major shareholder worth $3.5b but the 16% stake held by the Tanz government should prove to be something of a safeguard to Peak as the govt will ensure product is sold at market rates and they obtain their full share.
There will be multiple complexities in ironing out the details of this three way venture and although any further delay is frustrating to an arms length investor, it should come as no surprise when dealing with China/Tanzania & a little explorer from down under. We are not in a position to drive this any faster than our partners are happy to move.
So calling for the head of the CEO without adequately considering our position is not fair in my opinion.
Bardin and the team can jump up and down all they like but the Tanz government and the $3.5b Chinese conglomerate are well aware of our financial vulnerability.
We all need each other and we will move at the pace of the slowest member, but we are progressing steadily toward our jointly shared goal.
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