George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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A nice Sunday morning read. Emphasising the magnitude of this project, mahoooosive.
• As of the end of April 2019, overall Project progress based on Earned Value is reported to be 16.7%
Is this figure updated regularly anywhere(on the Sirius website if anywhere but I struggled to locate it)?
Also how’s that service shaft looking, catching up on those 8 weeks?
Myo
I think I'll stick to the 2 mtrs and 18 mtrs too until proven otherwise. I'm a big fan of CF and have come to his defence on many occasions but said promotional video is clearly aimed to bolster current monies required. As CF says himself it's an aggressive target and it may not be achieved. Words and phrases like 'aim to... Could do... Would like to...' can get investors excited but leave nothing promised.
Big week ahead that most here are now feeling but at the same time we need to keep a sense of perspective and our feet on the ground.
To come out with that you've got to be confident or crazy!
—-
A bit like, first they laugh at you. Then.......they lose.
$242 per tonne? Nice arithmetic.
Then there was the law suit in Saskatchewan which led to the shaft sinkers losing!
The contractors are heavily incentivised to get it done quickly but that can never be achieved by reducing the integrity of either the shafts or the tunnel.
Yes, it can be bodged later to keep things functioning but at what expense? It has already cost many millions to gain the knowledge of the strata & design the shaft liners and tunnel.
It must be done right from the start or everything achieved to date will have been a waste of effort & resources.
Big week coming up. Great video presentations released yesterday. I dare even say CF sounded far more upbeat than in the Q2 update!
Lol, mind, that was never a hard act to follow! :-))
Some 360m of tubbing there Wooly.
This high pressure aquifer will need a lot of grouting behind the liner as well. I would prefer them not to rush that aspect. Wrong and down the line you can lose your mine..........in a blink.
How they tackle the Carnalitic Marl (29m) is of greater interest to me. 'Hard' appoach or 'soft'? If you have not seen this I found this work from Jia on Bouby highly informative of the Boulby (ongoing?) experience, tnx to wwguk:
http://eprints.nottingham.ac.uk/11924/1/PhD_Thesis_-_Y._Jia.pdf
Bodge after bodge over the years! Not ideal but still they function.
ATB.
GK.
Myo
DMC are going to have to sink at 4 m/day to achieve poly21. You are forgetting the 156 days required for the 13 cover rounds required whilst sinking through the Bunter. These have to be added to your 350 days. I think that the 156 days could have been reduced if they had more than two drills on the SBR, but maybe two is all that is practicable.
Once through the Bunter, and presumably the transition beds, they are considering sinking to the polyhalite in one go leaving just temporary lining behind. They will then put the permanent lining in from the bottom up. The thinking behind this is to allow the significant initial creep in the evaporites above the Billingham anhydrite to take place before the permanent lining goes in. Interesting ??!!
woolybac
In the CF presentation he mentioned the SBR doing 2m but hoping for 4m per day the exec report states the machine has been designed to achieve 3.2m per day so achieving 2m should be easily achieved.
I found it more of a conflict in my mind than progress suggests to me. I’m bewildered by the speed of the work delivery. It made me think that they wrote the assessment last year before the sites showed much progress. I understand the engineering problems the “could” occur but probably will not. Chatting to mate last night I likened it to a race with 6 donkeys with overweight riders against a Sirius thoroughbred racehorse. You are 99% certain that the racehorse will win but there is just the slight possibility it will go lame during the race. If I saw that race at the bookies I’d pile money in. Oops I have. :-)
Oldhamboy that's a fair comment ,Btw I must stress my comment to meteor strikes was was not a reply to your previous post ...
Regards ffc
Bellers what I have got from it so far is that they think Sirius are extremely professional and have just about every base covered .... and are very impressed with their commitment to health n safety ... I also found it interesting that they warn about delays, so in the update video yesterday we countered that with our efforts to exceed all expectations re timelines ..
Good point FFC. 44 years is a hell of a drop from a 100. Reading the lot made me wonder whether it’s objective or negative. I wish to heaven I had 3 billion spare cos I’d loan it out for 10%...no strings. Save all the ar5ing about thats going off. I sometimes think it’s purposeful to hold the share back. Cynically, I think once everyone who needs to scoop the cheap shares are in, then the positive news will be released and up we go. Tin hat on now.;-)
It’s not how LTHs see it that matters. It’s how prospective lenders see it. Risk is top of their agenda. They may ignore meteor strikes but they don’t ignore construction risk, overruns, market price, viability of contractors and customers etc etc. These days Risk is king (or queen).
64 pages is to many for me in one sitting but having got to page forty with the" risk" section done I am a little surprised there was no mention of the meteor strike also no mention of guard dogs???? I think I'll give Sirius a call on Monday to suggest a patrol of the perimeter fence to stop any male chickens that may now want in ???????
On a more sirius note are we now down to 44 years worth of Poly ???? maybe we should soon consider buying next door ???
Thanks so much Myo, for new and old, if you needed a summary/scale/timeline of the project this is a great read
https://siriusminerals.com/downloads/rpa-executive-summary/
GLA Chem