The DFS (September '16) assumed commissioning from mid Nov '17 to end of Jan '18. Latest schedule (January '17) has commissioning Dec '17 to Feb '18. A delay of one month - not unusual for a mine development, with so many critical steps. I am backing Ken to deliver the program, given his mine development experience.
Also, Ken has talked about the importance of doing the "right deal" - with the right long term partner(s). With the market moving so quickly, the right deal 4 months ago may not have been the right deal today. I am OK if this takes a little longer, so long as the overall program is respected.
Further - where is the downside with the Shandong Ruifu DSO deal? Worst case is some reputation damage if they don't come up with the US$10m prepayment. Best case is significant early revenues. Given the speculation that Ruifu might get taken over, was it worth a punt? What would you do if you were the CEO?
Ken has been on board now for 13 months - he may taken some time to "find his feet" - but it looks to me as if his progression has accelerated in recent months (like a lithium demand s-curve!). The early appointment of Dr Wenbo Wang was clever. The significant time he has spent in China in recent months seems to be working - at least according to SN.
And financing is not far away now.
Relax people !
All IMO
Michael Langford & Ken Brinsden, page-72
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