Status of the ECT India Joint project with NLCIL and NMDC
As referred to in the Company’s previous announcement (7 June 2019) NMDC held its board meeting on 28 May 2019 at which time, the proposal to proceed with the India Project was tabled for approval.
In the period since 28 May, ECT and its partner NLCIL have increased their level of communication with NMDC, however, as at the time of this release, and as advised in the announcement on 7 June, whilst the project was an agenda item at the board meeting, the Company is yet to be formally advised of the outcome.
Question: If NMDC made the decision in May to not proceed, then during the increased level of communication after May 28 with NMDC, why wasn't ECT made aware of this? Did they in fact decide before their 28 May board meeting? Does this make sense to anyone? I find it incredible that NMDC didn't inform ECT of this nugget of info after the decision had been made and during the period of "increased level of communication".
So what was the "increased level of communication" about if NMDC did not tell them they had pulled out?
Too many questions, not enough answers.
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