I just started doing my DD into EGR and I wanted to touch on this issue. The announcement into ESG improvements of the BAM facility coincided with the original expected start date of construction, that is, 28 weeks after the award of the EPC contract which appeared to be GR consulting on 8/2/21. From the
Facility development report:
"Following award and engagement of the EPC Contractor, the program involves a phase 1
design and construction period of 46 weeks from award to practical completion, of which 18
weeks is related to on-site construction."
At this stage it only appears to be a month overdue, though it is certainly displeasing that a fluff announcement to highlight engineering improvements without addressing that there has been a delay to the timeline. Something that has bothered me is that the facility development report is the only place that a timeline exists and has not been referred to management ever since. This is a concern as management should be holding themselves to timelines and making themselves accountable by communicating their adherence with these investors.
On the other side, as many appear to have mentioned, is management staying quiet due to impending announcements? I think this is a distinct possibility when considering the official secrecy surrounding the tie-up with FYI. Depending on the outcome and terms of the FYI/Alcoa JV, there is a possibility that a range of big developments and decisions are awaiting that outcome. Should all go to what we can infer the plan to be, it would be an absolute banger if it hits the ground running.
That leaves us in a binary position of either management avoiding taking responsibility and performing poorly, or delivering a master stroke...
Thinking through obvious long length of the relationship with FYI and the obvious behind the scenes collaboration that has occurred over that period, I think I am leaning towards a deal being developed which may hold up construction if redesigns need to be considered. I could be totally wrong of course.
(20min delay)