Water Licence 5C, page-59

Sersadag, go back and read my comments again. I intend to buy back, but I'm finding things are far from perfect as many make out. What I'm doing is pointing out why there might be further retrace in the share price, so that you and others that just want to hold do not get over surprised when the SP goes down further than you expect.

I've just been going over the TT report and the quarterly issued the following day. They both show a photo of the tailings dam unfinished, the only mention is in the TT report stating...."construction of tailings dam in its final stages".
Then there is some interesting wording changes from the TT statement to the quarterly the following day..
In the TT statement.......
"Subject to receipt of the 5C water licence, which is expected shortly, wet commissioning is planned
to commence in early November and subject to the grant of the Operating Permit, full production
scheduled to begin by 16th November 2015.
 The grant of the operating permit will allow the commencement of first commercial shipments in
December 2015."

Then 1 day later...
"the plant is now fully installed and awaiting wet commissioning. This is anticipated to commence in
November following receipt the 5C water licence........The Company expects that the Operating Permit will be awarded shortly, clearing the way for first commercial shipments of Tabba Tabba ore in December 2015."

Wet commissioning went from early November, to anticipated to commence in November. The 5c license went from being expected shortly to also anticipated in November.
Yet commercial production is still "December 2015".

This bit from the hydro-geologists......
"The Company’s consultant hydro-geologists, Rockwater Pty Ltd, have completed test pumping of the
existing water bores and installed additional monitoring bores prior to the issue of the 5C water licence, one of the final remaining key licences required for full-scale commercial operations to commence."

If you have installed additional monitoring bores, then surely you have to test what they produce before you can monitor changes due to water extraction from the groundwater aquifer, so that does not sound finished enough to be issuing a water permit "shortly".