According to the JV ann Toyota Tushu will need to secure Japanese Govt-guaranteed low-cost finance through the Japan Oils, Gas and Metals National Corporation (JOGMEC) so it's not quite an in-house transfer within the TT vehicles:
I have no idea what the requirements of the Japanese Govt entail or how long it takes for the public wheels to turn here.
Notwithstanding the above, my feel is the timetable of the option exercise will be interwoven with receiving clarity on the remaining element of the secondary approvals process. Practically, any requirements on this front (unclear) may effect the final agreed DFS numbers to be used between the partners. Moreover, I believe it would be unfair to expect TT to commit until this is fianally signed off. I suspect the earlier 9 month timetable may have included some time to allow for the approvals process to be worked through(?). Hopefully positive ann's on this process since then suggest the process will be delivered earlier(?)
Bottom line is we're all waiting on the provincial govt IMO.
As posted earlier, perhaps news on progressing the Salinas Grandes project in the neighbouring province might help get the Jujuy paperwork through a bit quicker (with traditional provincial rivalries). Now 2 weeks overdue...
Cheers.
ORE Price at posting:
$1.96 Sentiment: LT Buy Disclosure: Held
