I just had a read of the annual report.It reads well. It says...

I just had a read of the annual report.

It reads well. It says serious preparation for mining has been undertaken, and continues to be undertaken.

It says they have a willing customer, who also invested $27m at a price considerably above their current market price.

It says they are modelling multiple alternate approaches to getting product to market & that the option of last resort (trucking), which only requires Government approval - allows them to continue their preparations.
I tend to think that this puts pressure on the Government - as they would not want this volume to be trucked - but would want the taxes and royalties. A deal for Railway access is coming - you can see it clearly.

It's just that we all want it now (for the capital appreciation in share price). UMC don't need it yet. They need it before it holds up preparation.

Seems reasonably well managed to me.