Hi Compton,
I think its a PIC thing not a Noble one.
With regard to Noble; importantly, they have a business reputation in which if they do anything untoward they will have much difficulty in engaging in any business world wide going forward.
Also, Noble would have started construction 6 months ago by deferring and waiving CP's, as they budget for marketing money from this going ahead, delays cost them money.
I think what we are seeing, is PIC protecting their and our investment having all items sorted and financially covered off being a priority.
I really like this idea of PIC playing hardball (remember on the 16/3/2020 I wrote a post that stated vote 'no' for funding until we receive the many items...I guess I got my wish...https://hotcopper.com.au/posts/43521385/single):
Why I like PIC approach of the added delays:
- I originally posted here many months ago, saying we don't want any surprises, and so that means Noble have a contract for selling domestic offtake, and also yellow goods and working capital is priced into the model. We don't want unplanned extra costs.
- This means Papi and crew have one job to do after we receive the funds, and that's build a mine with all focus on getting this done in a timely manner.
- Professional means thorough
Many of the CP's could have been waived or deferred-that's a definite in my view, and but now that I am sitting here, and with a calm and logical head, I actually like that it is being completed before financial close. After all, I personally wanted these completed back in March...so I would be a hypocrite to say otherwise.
PIC have rather strengthened our position rather than caused a delay, and they have delivered exactly what we have asked as shareholders-well, that's my personal view...I'm sure you will find a few more dollars to double down again, I have been drawn in so many times-guilty here!.
