The “WMRC Project Update” released on June 16 indicates that the...

The “WMRC Project Update” released on June 16 indicates that the “Biological Ramp-up” commissioning phase will take approximately 18 weeks. This would give a completion date of mid-October – without considering the time required for other commissioning work.
The “Investor Road-show” presentation dated March 24 says on page 2 that the WMRC project is “to be commissioned and operational in mid-2014”. There is however some contradiction as on page 10: - next milestone: commencement of bioconversion Ramp-Up, scheduled to occur over 18 weeks. Even if the ramp up could have occurred simultaneously with all other commissioning work, the mid-2014 was not achievable at that point.
The “Prospectus – Renounceable Right issue” released on February 21, 2013 suggested on page 6 that completion and commissioning work of the WMRC project was targeted to be completed by December 2013.
It is obvious by the substantial project completion delay seen since then, that the company had to overcome major issues. As a long term shareholder I want to believe that these are now overcome. The contradictions outlined above however create uncertainty.
Management should provide clarification that there are no other issues other than those reported (19/03/14 – WDS screen and mesh sizes; drainage screen: 14/06/14 – WES cleaning water circulation) and at such an advanced state of the WMRC Project also should communicate a completion date.