* Supposedly the 10kt expansion approvals are independent on the commissioning from my reading. The cause seemed to be related to the hydrological information. So, I'm not sure if the delays are entirely the fault of the government or the AGY submission or a bit of both. I still think rectification here is only a matter of time.
* The shorting is an issue but ultimately, if the project wasn't running into difficulties, I suspect that graph would look very different. Shorters mostly prey on the seemingly weak and with delays, its largely self-inflicted especially in a sector with declining prices where non-producers are getting hammered beyond AGY.
* On a positive note, this can turn around very quickly from multiple fronts.
1) Salta approve expansion plans
2) Plant works upgrades showing big uplift in output
3) Resource expansion
4) Offtake/funding for expansion
I suspect that only (4) is dependent on (1) and (2) while the rest are fairly independent to come out anytime they are ready. Clearly, the most important is (2) with (1) IMO being only a matter of time. With respect to (2), as mentioned, August did see the most tonnage being output, so hopefully the corrective works at the plant continues that trend. AGY still has A$20m+ in the bank but a bigger quarterly burn now with all the new staff, not to mention all the unexpected site works, so the pressure will be building to get this sorted asap.
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