Hi All. Was looking at the progress of the EIS draft and direction from the NT EOA for the filing of a suppliment.
An unfortunate aspect of TNGs timing is its Darwin Refinery draft EIS was filed during a transitional phase in the guiding legislation. The new E P Act was passed in September 2019, gazetted on 15 April 2020 and came into force 28 June 2020. In a perfect world TNG would have wish not to navigate the changing focus in the legislation, but at the end of the day im sure all holders would want an environmentally sympathetic refinery. The difficulty has been for NT EPA having its authority and responsibilities increased so its baby steps for them.
i dug up what i believe to be the primary "objection" by ECNT. When considered against the draft EIS and crossreferencing the points the opposition is a little thin on the ground. I mean for a start, to argue an insuffucient consultation time is straight out reduculous. TNG posted an access process on their internet address last year and the public consultation time was extended beyond the statutory requirments. So holders can make their own assessment of merits. I dont think its been previously posted.
The public consultation time ended 21 Feruary 2020 and the NT EPA direction was recieved by TNG on or before 16 April 2020, with TNG announcing it had commenced prep of the Suppliment on 11 May 2020. That now 2 months ago. Id like to think well get confirmation that the responce is filed soon and hopefully this week/month prior to confirmation of unconditional off takes, one is due in a few weeks the other later in September.
We need these milestones to be rolled out to spark the SP. If they arnt id be asking the BoD whether they are holding out to keep the SP down for their mates. I dont think that's the case but if they got the time to look at other aquisitions id expect this to be in the bag.
im watching you BoD. AGM only 4 months off. Lot to do.
TNG Price at posting:
8.9¢ Sentiment: Hold Disclosure: Held
