I think it's worth keeping an eye on progress of the highway intersection upgrade to enable the rock importation to start. I haven't seen it stated anywhere but I wouldn't be surprised to see a need to protect the outer walls from storm surge prior to filling in case a cyclone rocks up. A failure of an outer wall with a full pond could cause a lot of environmental damage and put the project and company at risk.
The reality is we still have a lot of construction to do and they need to time the filling of the ponds with the completion of crystallisers and port infrastructure otherwise it's kind of pointless.
What I want to see:
- Optimised layout approval (I'm guessing April)
- Offtake agreements based on optimised production
- improved economics enables more debt financing rather than shares issued
- final construction contracts awarded
- Ponds filling
They could all happen in Q1/2 next year and hopefully be a catalyst for share price re-rating.
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