This is a great outcome, especially if the permitting/approvals time for processing onsite may be shorter than the current approvals for Darwin site. The use of the middle arm for TNG's green hydrogen plant synergizes extremely well with what Gov has been pushing for. Financers are on board with the decision as are SMS. IF everything written is accurate, it's a great solution.
It must still be said though:
- PB being on 650K for the 4+ years spent trying to get approved at Darwin and 10 million+ spent on approvals not to mention opportunity cost is a massive and UNEQUIVOCAL FAILURE. Buck stops with him.
- The announcement notes 'more surety on approval process timelines'. I'll believe that when everything is approved in less than a year as per PB.
- Government agencies reinforcing their support for the company in this announcement is politics at best. If these bureaucrats actually cared about Australia's future it would have been approved at Darwin with haste. At the end of the day now we have to renegotiate with traditional owners, CLC (remember these guys) and start a new NTEPA approvals process and amend the FEED.
It is disgraceful PB has called this a 'milestone and achievement'. You and your micro board have destroyed shareholder value and opportunity over the past 5+years.
TNG Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
