Hi SB, at the beginning I said food for thought. It depends how you researched and what’s your logic to be in bull camp or bear camp.
The Sconi project started in 2007 and thr early part of the project was proving up the resource, metallurgical studies etc which took several years.This was come up with Scandium project the, a very detailed scoping study was completed on July 2012 re: Scandium. The Capex $597 million,IRR 16.7 % producing 5250 Tonnes of nickel metal, 700 tonnes of cobalt and 68000kg of Scandium. (You can refer to MLM asx announcement on July 2012).
This project was Scandium and MLM was going to be the first Scandium producer.
After 4 years, in October 2016 AUZ and MLM announce a joint venture in which a binding agreement AUZ must pay $250000 up front by spending either $10 million on the project or completing DFS.
10/10/2016 AUZ announced “ Strategic acquisitions position Australian Mines to fast-track into a leading global scandium company’.
In 4 month time , it became Scandium/Cobalt project (not Scandium project)
Then on September 2017, it became Cobalt-Nickel-Scandium project. Refer announcement below and see how Scandium moved from first to last.
If you are in bear camp, you would think why MLM sold the project as they were in better position to understand Sconi than AUZ.
Even if you provide any logic to sell the project, why would they most of (if not all) AUZ share at their first opportunity.
Cheers
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