NP hit aud$33,000 pT yet again
Its holding this level for 4 weeks now & yet amazingly we have heard NOTHING from the CEO about it.
Management Inaction! -
We were told by management 2015-2019 we needed aud$23,000 pT to restart production
Now its a whopping $10,000 pT higher than we were then told
a whopping 43% higher than they assessed a few years ago.
The shareholders are getting aggravated, they will move on the BOD after their recent move to dump DH DH & B.MM.
DH DH had a whopping 40% vote against him at the AGM only 2 months ago & that was WITHOUT AFs vote of 12% against him also so B.MM got the message they are being CLEARED OUT and started reducing even more.
With NP at 13 year highs and POS management & BOD doing NOTHING about it,
the clamour & agro is going to get more and more aggressive especially from those 1B buyers above 9.0c the last 12 months who were told the CR SPP funds were for a FID by March now June & "restart" by December now Jan-March 2023.
I expect a cleanout move on the BOD & CEO unless they pull the finger out shortly.
As for the NP -
Will Tsingshan withdraw its 50kt like last time when Indos slashed exports demanding local refining, but wait the LME doesnt have it, only 47kt live warants are left there. Where is Tsingshan going to get its 50kt of Ni from after Chinese New year ends in the next few days?
As for the Offtake terms -
We were just told by the CEO that indicative terms have been received from several offtake parties and global refiners yet he refused to release to the market who made these offers, what are these terms or his required minimum tender terms!
Why the secrecy?
Why doesnt he want the market or us to know if BHP are putting up $30M cash with lower refining/smeltering costs or if Trafigura is putting up $50M cash for 5 years and for which mine or if PBT wants options for future refining at its EV factory in 3-5 years costing $1B to build?
WHY NOT reveal the offered terms and who from, WHY NOT?
My guess is that PH doesnt want us to know yet and the funding is tied to the offtake, like with PAN it could be a $30M credit line & $30M prepayment.
If so then revealing this will reveal the controller of revenue, the source of funding for restart, the large amount and also the BFS, production & costings all in one go.
On my analysis -
Jinchuan will be demanding that Trafigura gets the POS offtake and to outbid anyone else no doubt in my mind of that.
BHP will be proposing lower tolling/refining/smelting costs than given to MCR or WSA & lower prepayment option, they will be insisting they get this instead of Noront as they need it to meet their lauded Tesla offtake deal which is unfillable the next 3 years & is in tatters right now.
Tsingshan had the deal in 2014 for BS & LJ ore but it collapsed on the restart shutdown, yet their proxy AF has left the building and Oz is now under chinese sanctions regimes and soon Oz will sanction or tarriff china back inc Ni exports just like yanks, ruskies & indos are doing already imho.
A black horse offtaker might appear such as Glencore, FQM (who both have private WA operations) or POSCO which will require exporting of conc to port with a larger cash payment or loan funding deal.
WE are not allowed to KNOW whats the funding, offtake terms & from whom.
Clearly BHP & Trafigura are not alone & the terms will be a massive surprise.
WE need to get set & CLEAR THEM OUT first imho.
Cant be much longer to go as there will be a riot on the Ark soon.
The animals are getting stir crazy on this moored Ark watching the flooding rains with the captain & crew locked up in his quarters with unknown groups.
The animals are roaring and bellowing -
START HER UP!
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