Couldn't agree more. The CNMNC offtake has already been extended once, then extended again until when?? Why even bother putting a date on it. Now that the Corona Virus has hit hard I don't see the offtake agreement that is 'in the latter stages of negotiation / documentation' being progressed as far as we like, quite frustrating. Easy to say from an outside perspective though, I certainly am not aware of the ins and outs of it all.
The last qtrly had an interesting tidbit in it: -in Nov 19 the co. has had number of meetings with reps of NFC (CNMNC's sister company) discussing scope for NFC to explore the opportunity to provide support to the development of GVP via EPC arrangements and potential funding support.
Unfortunately goes onto say *these discussions are at a very early stage and may not lead to a mutually beneficial outcome*
Doesn't sound that promising.
Also: -Project funding is expected to consist of some of all of debt, JV interest, direct project investment and/or equity, with initial discussions with potential strategic investors and financiers completed during the qtr. A range of development opportunities for the Project, through engineering / EPC, build own operate transfer, plant and equipment procurement packages, and/or a combination of these, are being pursued by the Company and its advisers.
The SP will most likely remain where it is if not worse until some sort of concrete BoA or finance decisions are made. No use talking about V price fluctuations if we have no means of getting the stuff out of the ground.
Yikes I just checked - down 70%. How ironic that I sold TNG to buy more TMT ages ago, and would've been better off if I parked all my $$ over there, where directors burn through astronomical salaries each qtr.
Another rant over, wishing everyone good luck here.
TMT Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
