Yeah, we can't just stop paying talented people then expect them to stay on though. My point was about future performance bonuses/pay rises especially if there is no apparent progress. I think if RNU announces and keeps us informed about progresses then we have something to measure but ATM we appear to be in the waiting lounge. From posts on this forum, other appears to have same concerns.
The most recent progress related announcement from RNU was the BAM project update:
1. progressing engineering design of the upstream mineral processing plant and PSG demonstration facility
2. upgrades to the electrical infrastructure
3. geotechnical testing for the mining pit design
4. commencement of tendering activities forlong lead equipment and preparation of the final designs and estimates
5. road upgrades
6. finalising the construction accommodation plan
7. advance the proposed downstream PSG facility
From the ammended investor webinar presentation:
We are waiting for results of 730t graphite concentrates sent to China which appears related to "RNU plans on recovery of additional coarseflake graphite " by 60% previously planned 17 - 27%. RNU appears (also) to be waiting for China to feedback results of concentrates testing (not PSG) which under current plans could form 60% of it's output with PSG (downstream) being a reduced product. The companies focus appears to have shifted to predominantly concentrate (upstream) production.
Offtake agreements for concentrates are required for stage 1 to commence however so far, this hinges on China. What of MOU's with Sth Korea (POSCO, SK-ON etc)? Have concentrates been sent to those potential customers, will it be sent and when if not already? North America is ramping up, has verification samples been sent? Japan? Anywhere but China?
I have said will restate that I think it makes sense not to push forward with graphite production (PSG or concentrates) in the current environment. However, if RNU is a graphite company and it's not producing graphite in the foreseeable term due to external forces, then what is it and how does it's other potential assets fit? If those assets are not worth pursuing, why hold them?
I recognise I do not have inside knowledge of the internal goings and that there are possible commercially sensitive reasons why the company cannot/is not releasing information. But as a share holder, I'd like to know RNU is not in a holding pattern and that options are being considered.
These are my views on why it appears insufficient progress has been made. Please let me know if you think I'm missing something so I can learn or at least discuss those points.
Cheers GLTA.
