You know what they say about a big red flag, sell. I don't suppose you are going to do that are you? I would love for people on here constantly question management and their decisions to actually attend the AGM. Especially those who already live in WA. I'm impressed Mick is going and will actually be putting his questions to those in charge instead of just hiding behind a keyboard on HotCopper.
Yes the company are behind on their expansion plans, yes the company are still awaiting a judgement on the case they are confident in, yes they are still proceeding to do a 200ktpa expansion prior to any 1mtpa +.
There are all reasons for these decisions and satisfying those with negative feels isn't their goal. The company are trying to get the next plant right from the get go. They are working with Xinhai to achieve this. It is evidently not a perfect science nor is it easily achieved in remote India.
The company will require additional approval from the government to expland more than the 200ktpa additional capacity they already have approval for. This will time, effort and money and is a massive undertaking. The last one was in total 500+ pages and included holding meetings with farmers and nearby towns to listen to and address concerns. The smartest move by the company is to double capacity.
Sales to Minera are regular and ongoing as per the other dozen time its been said, so people need to rest assured they are now producing product, running 3 shifts, 3 times a day, everyday. If you haven't heard otherwise, it's a given since a change to that would be required to be disclosed.
The company will continue to work on the ordering of their larger plants. They aren't going to order the 200ktpa plant and kick off their boots for 6 months. They could order the next plant at any stage over the next 6 months once they have determined a final design. You don't just order a 1mtpa plant and hope it works because a few of your shareholders wanted it to go faster.
There are logical reasons behind all of their decisions, and playing captain hindsight and second guessing all of them achieves nothing but satisfying your own ego. If you can do better or have anywhere near the amount of experience as these guys, send in your resume and put it to a vote at the AGM and we'll see if you can make it onto the board.
(20min delay)