production

Has anyone on this forum who has spoken to Cedric etc got any info regarding where they are in terms of production. While I think 'Coppa' has some valid points re production, in the last quarterly they stated the following:

KURNOOL IRON ORE BENEFICIATION PLANT
Phase One Plant (Dry)
During the course of the quarter, the Company successfully ran the existing Phase one iron ore dry beneficiation plant located at its Stockyard in the Kurnool district of Andhra Pradesh, India until operations had to be temporarily scaled back as category four cyclone Hudhud crossed the Andhra Pradesh (AP) coast, bringing significant rainfall to areas of AP.
Prior to Hudhud, the Company’s plant produced finished product grades ranging between 50% Fe and 58% Fe from a 28% Fe ROM feed grade for domestic sale,

It would be good to know that they had plant mobilised and are out of care and maintenance and actually producing product that will meet the offtake agreement criteria.

My concerns are that they will not commence 'commercial' production until they can find a suitable JV partner which comes with further delays and inevitable dilution.
My hope is that they are ramping up production now as they finally appear to have a real customer with the expectation of more on the way. As I have said previously, production is the key to this stock especially now other pieces of the puzzle are coming together and the longer they wait/take to generate commercial quantities of saleable grade the more it plays into the hands of Magna as opposed to existing holders.

Management options and their subsequent expiry should provide some urgency to the production schedule.

All IMO