The argument that no contractor has been found for Mt Cobalt as a negative is tenuous at best surely. Either they already have or are about to convert the capital note thus leading to funding, or they will hold off on this due to tin sales. Either way they will have money to execute cobalt drilling. Not going to be annouced before tin sales though imo, because this double barrel works best if some progress on tin is shown to be a reality- i.e proven track record before chasing the cobalt dream.
Taronga meeting date in three weeks, a possible vote and confirmation of approvals being seen as a negative... i.e a long time to wait??? How impatient can you get. When i phoned Glen Innes council I spoke to the guy who has the ability to sign off on the stage one approvals. It goes to a vote at the council because thats the way they do things for a project of this size. He mentioned that 100 jobs will be created, and seemed very positive on this devolpment. Basically at that time (late july I phoned) he said hopefully August as an outside chance but aiming for September, I came away with the clear impression that the delay was due to the desire to get this process completly 100% correct and not carelessly rush the approval process (could jepordise stage 2- which goes to NSW epa).
What I came away feeling was that
1. This project will be quite a large at stage 2
2. The shire wants this mine to go ahead, they have just as much if not more invested in the approvals process being a success as ANW the company.
3. That there was nothing really contentious about the proposal. Just that they want it done right.
Think about 100 jobs. Yesterday MACA was awarded the contract for PLS pilgangoora project. 70 jobs for the drill and blast and earth moving. PLS will employ more but that contract is a major % of the jobs on offer. PLS project valued at 230 million and that is cheap based probably due to new type of resource play and a couple of months out from production.
Cobalt drilling and Granville sales combined will have less effect on the share price than Taronga approvals in my mind..
The number of shares on issue is negative, but probably that negative is shown in the price now.. But when positive news comeith we have an awesome tin project with -simple metallurgy, low strip ratios, good grade, exploration upside..with all roads leading to devolpment. For 15 million bucks.
Plus cobalt expo, and tin sales..
Is it not greedy to sit around waiting for 0.07? Good luck if you get them, it will be a demonstration of the negative effect of too many shares on issue if we go back there or just stagnate along until the news breaks. (Obviously there have been missed timelines at this point which is no doubt hindering price appreciation)
ANW Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
