From the project update released 7 August 2012:"We look forward...

From the project update released 7 August 2012:

"We look forward to providing regular updates to the market on progress at Nolans and our funding plans as we move towards a final investment decision and look to raise finance from mid-2013 to develop and construct the Nolans Project."

Regular updates ... on ... funding plans

So I've just done a search of the Q3 report for terms like "commence", "finance", "funding" and pretty much drawn a blank.

The corporate section begins with: "Arafura’s primary focus is to develop its 100%-owned Nolans Project", but there is absolutely no indication of when.

Later they say: "The Company is in a comparatively strong position to fund the continued development of the Nolans Project". Note "development", but no mention of "construction" any more.

It's almost as if they've resigned themselves to twiddling their thumbs indefinitely, while waiting for something good to happen in the RE and/or financial markets. Which would be fine if they were privately owned by some billionaire who was happy with the cash burn during the wait.

At the current rate, they'll be out of cash in a couple of years. Nearly two years has passed since the Aug 2012 update already. Do they really think things will be much better when the cash has all gone? I don't.

So what should they do? Should they close the doors and put the whole project on ice for 5, 10 or 20 years, or should they follow the example of ALK and buy a gold resource to tide them over?

What do other people think?