for the chicken counters...

TNG's report of Feb 2014 is worth looking back on.

"The company remains of the view that completion of the detailed metallurgical test work programme (the TIVAN process? my brackets) is critical before the completion of mining plans, engineering and environmental impact studies."


so as an earlier thread suggested a lot hangs on the Tivan process over which TNG doesn't have much control

"The completion of the DFS within this timeline remains subject to factors beyond TNG's control including availability of third party equipment, resources and personnel which have had a determinative effect on progress to date."


no doubt the Koreans would have assessed the process so it can be assumed they are happy with what they saw.
And on likely DFS dates:

"Proposals have been obtained to conduct the mining, geology, and geotechnical studies required to complete CAPEX and OPEX for the DFS. The company expects that this work will commence in March 2014 and be completed by September 2014. Financial modelling is scheduled to take place over the last month of the DFS once the CAPEX estimate is completed."


some posters appear to be surprised that Woojin's letter didn't push the sp higher but it's a non-binding letter of intent so what could be expected, and it was already known that POSCO and Woojin have close connections so Woojin's letter should not have been that surprising - hence the muted sp response.

As usual, those who got in much earlier have benefitted the most from TNG's sp performance to date, but I'm thinking it might be a while now before any further progress can be expected sp-wise. If TNG could expand its resource base that might push the sp higher but until TIVAN and the DFS are closer to completion I can't see much scope for sp rises. The Koreans have gone as far as they can IMO without a DFS, hence the non-binding 'agreements'.

The question remains once the TIVAN process is nailed down and the DFS shows the feasibility of the project and POSCO opens its wallet - how far can the sp go? I haven't the faintest idea actually, but I'd bet it won't be any FMG or even an SIR, but should show a healthy return for all that. And there's plenty of time to make up your mind IMO. If TNG's sp were to hit that 11c gap on the charts I'd probably open my wallet.