I keep wondering. Shouldn't management have informed the market, (and shareholders), of their intention to not complete 'substantial commencement', leading up to the Jan 2022 deadline? I cannot find an announcement in the archives that informs the market of this intent. Coz, this was a titanic price sensitive decision, no? It was potentially a company destroyer, or at least a share price destroyer. Do you agree? And as far as I can see, the market was not informed. Please correct me if I'm wrong.
After all, it seems clear to me, given the long lead times involved with planning, tendering, selecting, procuring & executing the necessary earthworks and infrastructure builds onsite, required to meet 'substantial commencement' condition, that management would have been well aware that they were not going to achieve 'substantial commencement' well ahead of the deadline.
I would like to know when they actually decided, as a board of directors, that they were not going to achieve 'substantial commencement'? I would like them to publish the minutes of the meeting when this was decided.
How long is the process, to organise the onsite earthworks and civil construction jobs on this scale? From the mine planning, to contract tenders, to negotiations, to contractor selections, to equipment & crew mobilisations to site, to the actual work execution? 12months?
Can anyone find any communication to market that clearly states that 'substantial commencement' was not going to be achieved?
I will have another look...
TOE Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held
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