I have just finished reading the quarterly report and have to say that I am very pleased with the amount of work that has been going on in TNG. Large mines are not brought into production easily and that is certainly the case with Mt Peake.
I am particularly pleased that the TIVAN testing will be completed by the CSIRO in the March 2015 quarter after being delayed in 2014 most probably due to a lack of cash. That and the work being done by Snowdens sets the stage for the completion of a feasibility study in 2015. I really don't care if it runs past the June quarter into July or August but it is a critical step in the project and it will take as long as it takes.
In addition to the above they are clearly very serious about selling a magnetite concentrate to get some ongoing cash flow. It is not the ideal way to start the project but it is probably a very sensible start to monetising the Mt Peake asset.
All good in my view. We need to wait probably another six months to get the final FS but so what. I have been in for 8 years so another six months is nothing if we get a viable project underway soon.
Cheers W2
TNG Price at posting:
9.9¢ Sentiment: Buy Disclosure: Held
