One of the interesting comments in the report for me was, "The Company will be using this period to challenge every aspect of the Project spend and execution based on experiences to date." You don't have to read between the lines too heavily to conclude that things have not progressed and there've been some frank conversations happening. Another thing I picked up, having lived for over 10 years in PNG, is the comments around the relationship between company and local villagers. The relocation efforts are encountering some challenges and not everyone is happy to move to a new house. That's hardly surprising, since I suspect that different clans would lay claim to different parts of the island, and there'd be cultural and other issues to consider (including burial plots). The threat of conflict in this environment would always be huge, and the fears etc surrounding COVID won't be helping at all. Sounds like there's also been a demand for more work for locals, which might be realised with the new plans for the wharf. All up, a disappointing update but there's no indication that the mine itself won't be happening as planned.
GPR Price at posting:
24.0¢ Sentiment: Buy Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)