Where are we at?? Well it sounds like ECT have been put through...

Where are we at??

Well it sounds like ECT have been put through the ringer and seemed to have met all obligations that have been thrown at them from NMDC, are they keen or not keen that is the question, these delays seem like they do not want the project to go ahead
But just won’t say no so we can all move on and pack our bags and get our team out of there etc.

The meeting was held on the 28^th May and no word or result yet – my thoughts are it is not a no as we would surely have been told that by now and ECT reiterated that in their last announcement where they stated formally and informally they have not received NMDC’s result.
I also think they would have announced that we were not tabled at the board meeting by now as well – duty of disclosure they would have needed to announce that to shareholders..

The meeting this week with NMDC will surely put us out of our misery as they have agreed to the terms and have frozen the RCA previously so to me it’s either a
YES but we need this to happen is all I can think of – another condition is my guess.

Reasoning Below from previous announcements.

5^th Feb announcement: “ Importantly, NMDC’s board meeting and subsequent discussions have provided the confidence for the partners to agree to forge ahead with preparations for ratification, signing and financial close ahead of commencement of this major joint project.”

26^th Feb  announcement: “Jim Blackburn commented, “Over the past few weeks we’ve continued to narrow the outstanding items of the RCA. These items have focused on ensuring the structure around the licensing is appropriately stated to accommodate the intended transition from the initial R&D phase, through to the commercial phase. We look forward to finalising the agreement shortly and ‘freezing’ its content ahead of signing.”

ECT will hold an extraordinary board meeting once the RCA is ‘frozen’ to consider the approval to sign.

28^th Feb announcement:  “ ECT Board approves the signing of the RCA “
“Having received our board’s approval last night, we have today provided copies of the document to both NLCIL and NMDC for them to submit internally on the expectation that the key terms are now ‘frozen’ and as such there are no further material changes to be made.”

“NMDC’s approval and consultation with the Ministry of Coal and the Company anticipates approval of the RCA and completion of the consultation with their Ministry in the coming days.”

22^nd March Announcement: “ Specifically, NMDC’s timeframe for completion of its internal processes to support board approval”

3^rd June Announcement:  “India project tabled for approval at NMDC Limited (NMDC) board meeting held on May 28”

“In previous announcements the Company outlined 7 objectives it was looking to complete. In the last week, objectives 6 and 7 were met, with NMDC advising its internal processes were met and that the India project proposal was on the agenda for consideration at their meeting.”

Cheers
M.oz