It is true that it seems harder to get capital for new projects...

It is true that it seems harder to get capital for new projects in SA than some other states. Nevertheless if the BFS shows a robust investment case then someone should step up. Financing is contingent on approvals from the government, the BFS showing a good return and a binding turnkey contract for a large part of the project. This BFS seems on schedule the approvals are in process but may not be confirmed until next year. The government needs to get this right to ensure that the minimum impact on the environment and the long term farming productivity occurs. So it is not surprising that this slight delay has occurred. Living with uncertainty is not something markets like so the price has been falling.

The company does seem to have the cash to finish this process, the staff seem to be doing a competent job and there seems to be two groups now in competition for the engineering contract resulting in better price. This could be the last good opportunity to get in at a start up price.