rumbai12Don't worry about wrecking the party! There have been...

rumbai12

Don't worry about wrecking the party! There have been plenty of party-wreckers on the FAS threads in the past. However, if I could just point you in the right direction on a couple of valid points you raise. The "cash" needed to satisfy the 20% funding condition is $65m (if $260m is 80% then the remaining 20% must be $65m). According to the announcement there are "advanced negotiations" with FOUR parties for not only the required 20% but also "80% of 20MT (16MT) plus 4MT of ultra-fines at SHIP" which will constitute an offtake agreement, thereby satisfying the last condition.

Therefore, the funding is irrevocable subject to a finalised agreement with one of the four parties. If you doubt that this is happening then please enlighten us as to your reasoning. As for the port access, since that is not a condition we can assume that the issue has been addressed in the discussions leading up to this agreement. We all know that Esperance is an ongoing decision, but, as Davo1 has pointed out, everyone is aware of that situation and so some form of resolution must be possible for the deal to be agreed.

Given the time it has taken to get this far I fully understand why people might question this agreement, but the company is moving ahead and working hard in laying the platform for the transition to a producer, regardless of the skeptics. The SHIP will finally set sail. BUT the most exciting part for me is the riches to be had from mining SHIP North. KR was uncharacteristically conservative in saying it "could be multiples of SHIP". From what I have heard from people who are more informed than I am, it is huge. However, that is not going to have an impact on the SP for years to come. In the short term we will see more positive announcements flowing and hopefully a higher MC - let's face it $15m is ridiculously low. Deferred tax benefits alone are double that! All my opinion so please DYOR.