Ann: Rights Issue-NTL.NZ, page-4

Gawd, you are a hopeful punter, NTL could well be out of business in 18 month’s time, I’d put 50% odds on that.

It took them three years to achieve a resource consent just for the recently spruiked bulk sampling work, and it’s less than 18 months now until the election.

It’s totally another ball game in NZ trying to get a long term operational resource consent within Auckland’s playground, all those local hippies, nimby’s and hobby farmers bleating at sympathetic constituent politicians. Then there’s all the Iwi and koha games yet to come.

A fourth term government is historically very rare and we can bet that a red/green win would see a green party idiot as environment minister, inheriting the power of resource consent veto.

Seriously, if you are an Australian wanting to buy shares in this without the company first having all the approvals in place, for goodness sake do so with eyes wide open.

Do not in any way underestimate how improbable it really is to get a greenfields mine off the ground in NZ.

It is not practical to value a New Zealand mining proposition from JORC ore resource or on an enterprise value basis, because unlike in Australia, a mining permit means nothing here, a company only has any intrinsic value whatsoever once the local and national political approvals have been overcome, if indeed they can be.

Heritage Gold, now New Talisman, have been trying for twenty years so far without success, have a look at the multi decade share price, but it could be different this time.
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