Just flicked through this presentation and the last one from the AGM, some minor formatting changes, but the main difference was the inclusion of a table of resources (80Mt @0.91% Ni) and SS production assumptions (33.7Mt @ 1.01% Ni).
It's always interesting when a presentation come out for no reason....well, there probably is a reason, behind the scenes, that is.
Discussion for offtakes must be well and truly progressing, as well as progress in the other moving parts which make up the DFS.
Project must be taking shape now behind the scenes, way ahead of where the SS was presented.
I'm not concerned about there being a lack of news (other than drilling) at this time.
You just need a reminder that we are on track compared to BSX recently. I don't think the market believes they can pull off what the project is. That could change in a heartbeat (now they are in TH), but up until now it seems they have lost confidence by investors.
CTM on the other hand, has a project in the making, an offtake partner at arm's length market rates for Ni Sulphate, an offer of (partial?) finance from Vale (one of the potential offtakers).
...Oh and the important thing is that the market
believes CTM can pull this thing off.
I think that the BOD might need to change composition in the near future to incorporate project implementation (not immediately visible from the directors CV..could be wrong!). The current board, whilst maintaining the status quo, is going to need new blood to drag this forward. Don't think a closed shop on this front is where we should be. I'm sure they are thinking about it. If they are not, there would be cause for concern.
Banisak is the most recently appointed NED in Feb 2019. Before that Scarpelli in September 2015, and before that Hancock in 2011, Flash and Murcia in 2009. I kind of hope that further Brazillian experience at Board level wouldn't go astray. Scarpelli is country manager and has done a great job to get us this far in Brazil. His major in environmental issues is important, but IMO there is further scope to increase strength and credibility in the near term. That could come from any potential investor as well, Vale the most obvious amongst other potentials. This is speculation on my part.
The positive here is that they have got us this far so can't be all that bad. Just don't want any LT complacency to creep into CTM's ranks at board level.
Could be more headwinds ST, but GS's call that the battery market will be down for 18 months or so, is a sure sign, to me at least, that this will be a long trade for them which will be rewarded well in the future. The market doesn't seem the concur with GS position based on some comments from other market participants.
I'm holding my lot, and have been buying more in recent times.
Interesting that a hedge fund (Elliott Investment Management) is suing LME for $456m for the recent fiasco with the Nickel market, stating a breach of human rights (presumably to trade in a free market!).
An extract of this is below from bloomberg
It's going to be fun watching this play out.
Go CTM.
(20min delay)
