The environmental clearance certificate must be due soon. If they can move any processing plant closer to the point of discharge, the upfront costs to get to positive cash flow generation probably fall very steeply (e.g. shorter slurry pipe = fewer or less powerful pumping stations needed?
I can't believe it could be anything due to Iran, although there I think the regime crisis will only get worse (the talks in Kazakhstan won't result in the Iranians giving up their ambitions to project power through nuclear ambiguity, which is the only way the leadership can see to win respect AND stay in power: the other way to win respect (have proper elections, cancel censorship, stop torturing and become a top 10 country by GDP per capita) would require a leadership with a different skill set. Khamenei's closed mind (he sees no point in direct talks with the USA) probably means the only option left is a military strike in the absence of an Iranian Spring. But of course our Board has been unbelievably stupid in agreeing to supplant the old agreements with a worthless new production agreement. Mr Jordinson needs to go in the Guinness Book of Records for being the most incompetent director on the planet, and of course his past Iran reports and his inability to discuss Mehdiabad suggest he has acted outside his core competency. Just my view.
UCL Price at posting:
14.0¢ Sentiment: None Disclosure: Held
