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Tony barber

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24/01/19

15:05

Post #: 37213467
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Originally posted by Newbie2015 ↑

There are already few threads active so I am not starting another one. Vintage will find this in any case..

I just read the media release from NAIF on 15th of January 19 which refers to triggering of Formal consideration period under NAIF act. I then looked at the legislation that covers the NAIF act and it says Matt Canavan has 21 days to review and NAIF can not announce anything until 21 days are over. It obviously doesn’t say that it is for SCONI project but I am making an assumption that it is based on the fact AUZ is in the DD phase with NAIF and the Sconi project is based in NW QLD. On 5th/6th of February we should find out which project this is for unless an extension is requested by Matt Canavan’s departmentt which I doubt will be the case given the government is pushing NAIF to accelerate funding prior to the federal election.

https://naif.gov.au/media-releases/naif-makes-further-investment-decisions-worth-200-million/

NAIF MEDIA RELEASE 15th January

The second Investment Decision, for a loan of up to $50 million, has been made for a project in north Queensland. Details of this project currently remain commercial in confidence while the proponent concludes commercial approvals and negotiations. This is the second Investment Decision made by NAIF for Queensland.
NAIF has written to the Minister for Resources and Northern Australia, triggering the formal consideration period for him under the NAIF Act for each of the new projects.

https://www.legislation.gov.au/Details/C2016A00041

Part 4 – NAIF ACT

Part 4—Consideration by Minister

11 Consideration by Minister

(1) The Facility must not provide financial assistance:

(a) before the end of the Minister’s consideration period; or

(b) if the Minister has notified the Facility in writing that the financial assistance should not be provided.

(2) If the Facility proposes to provide financial assistance, the Facility must give the Minister written notice of the proposal (the proposal notice).

(3) The Minister’s consideration period is:

(a) unless paragraph (b) applies—the period that ends 21 days after the proposal notice is given; or

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I am short on funds. But I'll find them if someone wants to give me odds that AUZ don't secure NAIF funds pre June 1.

I just made that date up.
But there's no way in hell NAIF are announcing AUZ finance in the next month.

AUZ Price at posting: 3.9¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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