I read it completely the other way. They haven't mentioned the commissioning date because they know they aren't going to hit it. Let's just pretend it's not important and maybe no one will notice we haven't mentioned it ?
The last quarterly said this
The JV remains on track to deliver the Project early in the June2023 quarter.
The quarterly prior to that
The Project remains on track for delivery in early Q2 FY23.
They are a million to one to have this project delivered in line with the above. They have purposely avoided any mention of completion dates or commissioning because they know it a snowball's chance of being this quarter. Why else would you mention 3 times in the one update that you have built a road and a laboratory ?? We had a special announcement about the lab being completed back on 23rd January, and the road completion announcement was made on 31 January. Yet we need to read that again 3 times in this quarterly ?? The only nod to the obvious delays is "equipment installation set to commence later in the June Quarter." No hope of this plant being running by end of June if we won't be installing equipment till then - so just come out and say it.
Be interested to see when they are going to have the next crack at a production date ?? The MD's last attempt in the annual report in November last year was "The Project is on track to produce its first copper concentrate by April 2023".- that was 6 months ago and they are not even close to hitting that milestone. Fairly optimistic in hindsight it seems, maybe he is now gun shy about making predictions they can't deliver on. Still you must admit being more than 3 months over due on a 6 month time frame is impressive. Question is do they keep it under 12 months overdue ??
This will be sub 3c again before long. Disappointing that they don't have the nuts to be honest with shareholders about delays and provide a revised production date.
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