15 July 2020Queensland Government offers support to Sconi...

15 July 2020
Queensland Government offers support to Sconi Project

Australian Mines views the terms of the proposed financial support package and the timetable to meet them as being consistent with the Company’s current expectations for the development milestones at Sconi.
We also believe the timetable and terms are aligned with Australian Mines’ expectations for the development of Sconi at this stage. We are making good progress in seeking to secure the offtake and financing agreements needed to access this funding.

10 September 2020 -Business Update
Offtake partnerships
Throughout FY2020 and into FY2021, Australian Mines’ primary focus has been securing a binding offtake agreement for the advanced technology metals that will be produced at Sconi. Discussions with multiple offtake partners have progressed to an advanced negotiation stage including key terms such as pricing, volumes and timelines. Australian Mines’ offtake negotiations have been supported by an expansion of the battery precursor materials that can be produced from Sconi and are responsive to the rapid developments in the EV battery market.
In consultation with potential offtake partners and financiers, Australian Mines considers it prudent to extend its offtake negotiation period to create the flexibility to respond to potential changes to the future profile of demand for EV battery materials that emerge at Tesla’s event, including allowing the Company’s technical team to optimise the mine and production plans for Sconi.

The Queensland Government continued its ongoing support of Sconi with the offer, in July 2020, of a financial support package that is linked to the execution of an offtake agreement. Australian Mines is very appreciative of the support the Sconi Project continues to receive from the Queensland Government and the Company maintains regular contact with the Queensland Government and its agencies to ensure they are remain informed of the progress being made to advance Sconi to full production.

IMO they say firstly the Gov support offer deadline was inline with AUZ's offtake agreement timeline.... then they use battery day as an excuse to extend the offtake negotiation timeline.... which in turn means they will miss the Gov support package criteria.... Plus add a little CR in there to secure their salaries for the near future. MORE FOOL ME
At posting SP up 11% so.....what the F do I know.....GLA