I think IRPC is waiting on the feasibility study which is the PFS. That will show the viability of the mining operation to meet the first requirement. PL has mentioned they are exploring the location for the conversion plant in nearby Rayong which is the second. Since PL skipped a scoping study and they only have a JORC so nothing to show economics.
Something binding and funding could through shortly after the PFS. A smart company would need it before signing a commitment.
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